"We have carefully analysed the goals and objectives of the organizers of the conference in Lima and discussed them with partners in Latin America and representatives of several other countries. As a result, the Russian side has a number of serious doubts," the ministry said in a commentary.
"First of all, we are not convinced of the correctness of the approach which envisions the discussion of 'problems of democracy' in Venezuela without Venezuelans, represented by the government of [Nicolas] Maduro and other political forces," the commentary said.
The conference is scheduled to be held in the Peruvian capital of Lima on 6 August.
According to the ministry, the one-day meeting with the stated participation of about 100 delegations that hold different positions is unlikely to agree on measures of real assistance in finding solutions to the problems the country is facing in such a short time.
"In view of the above, and after carefully weighing all the circumstances, we came to the conclusion that it would be advisable to refrain from participating in this event. This decision was communicated to the leadership of the Peruvian Foreign Ministry by the Russian charge d'affaires in Lima," the ministry added.
Venezuela has remained in a state of acute political crisis since January when US-backed Juan Guaido proclaimed himself interim president in an attempt to oust Nicolas Maduro after the latter's re-election.
Washington and its allies, including many EU nations, recognized Guaido as the new president of Venezuela, while Russia and China, among others, voiced their support for Nicolas Maduro as the country’s only legitimate president.
Since May, Caracas and the Venezuelan opposition have been engaged in talks mediated by the Norwegian government.