Russian President Vladimir Putin had a phone conversation with his US counterpart Donald Trump at the initiative of the US side, discussing issues related to the Group of Seven (G7) Summit and oil markets, the Kremlin said.

"Trump informed Putin about his idea of holding a G7 summit with the possible invitation of the leaders of Russia, Australia, India and South Korea," it said in a statement on Monday, Xinhua news agency reported.

The importance of enhancing the bilateral dialogue on strategic stability and confidence-building measures in the military sector was noted.

In addition, the presidents addressed world oil market developments in the context of implementing the OPEC+ agreement.

"It was stated that this multilateral agreement, reached with the active support of the presidents of Russia and the United States, would lead to a gradual restoration of oil demand and price stabilization," it said.

Putin and Trump also touched upon space cooperation and fighting coronavirus, agreeing to continue contacts at various levels, according to the statement.