Russia's concerns have been echoed by China. Vice-Finance Minister Zhu Guangyao and central bank Vice-Governor Yi Gang expressed the view that the US Federal Reserve should consider when and how fast it unwinds its economic stimulus to avoid harming emerging markets. Both the officials, however, admit that the impact on China is limited compared with some other countries.

"The US economy is showing some positive signs and is recovering gradually and we welcome this," Zhu said during a briefing ahead of G20 leaders' summit in Russia. "But the United States — the main currency issuing country — must consider the spillover effect of its monetary policy, especially the opportunity and rhythm of its exit from the ultra-loose monetary policy," he said.

According to a recent Reuters report, financial markets are already worried that the US Federal Reserve may decide to reduce its monthly bond purchases when it meets on Sept 17-18. US Federal Reserve Chairman Ben Bernanke had in June indicated that the bond purchase program could be halted by the middle of 2014.

The EU is a member of G20 while the UK, France, Germany and Italy are also within the club. The European Commission President Jose Manuel Barroso and the European Council President Herman Van Rompuy have listed "four priorities" for the summit.

According to Yudaeva, the EU feels that economic growth and employment should the main items on the G20 agenda along with concerted action on financial regulatory reforms.

In their defense, Van Rompuy and Barroso say that the EU has made steady progress in implementing the comprehensive reform agenda and is delivering on time and on all fronts. The EU is well on track to have all the main financial reforms in place by the beginning of 2014, they say.

"The G20 needs to develop a clearer narrative to set out what has been achieved so far and what is left to be done," the two leaders said in a joint statement.

The EU has also called for more action on issues like tax avoidance and evasion. It has also called for the reform of the international financial architecture and more work on anti-corruption measures.

"The full implementation of the 2010 IMF quota and governance reform is a critical element for boosting the legitimacy, credibility and effectiveness of the IMF," it said. China, has on its part, called for more representation in international monetary regimes.

The EU also says that the world needs to be more vigilant and proactive in supporting the recovery process and find ways to ensure strong, sustainable, balanced and inclusive growth.

"The G20 leaders in St. Petersburg should send a positive message to improve global confidence and support global recovery," say Van Rompuy and Barroso. "We therefore need to show unity around a common purpose, and demonstrate that global institutions, and in particular the G20, are delivering."

Though G20 is a collective platform of old powers and emerging economies, their leaders are expected to organize separate talks on bilateral issues and evolve consensus on international issues.