"It is necessary to work out and adopt internationally recognized standards for macroeconomic and budget policy, which are binding for the leading world economies, including the countries issuing reserve currencies," the Kremlin proposals read.
The G20 summit, involving advanced and emerging economies and international financial institutions, will be held in London on April 2, and will discuss the international community's efforts to overcome the ongoing global financial crisis.
Russia is also proposing to the G20 summit that measures be outlined that will address the current global financial crisis and the economic challenges, as well as building a new structure for the global financial system to help avoid future crisis.
In particular, Russia put forward an idea for holding an international conference after the G20 summit to adopt conventions on a new global financial structure.
"At the upcoming London summit, we need to reach accord on the basic parameters of the world financial system. In this connection, we propose holding an international conference after the London summit to agree the basic parameters of a world financial architecture and international conventions for a new world financial order," the Russian document read.
Russia has also proposed reviewing the role and the mandate of the International Monetary Fund (IMF) and boosting its financial resources.
"We believe that the total financial resources available to the Fund must be adequate for it to perform its creditor functions. We also consider it necessary to draw up new credit mechanisms making it possible to provide assistance to countries experiencing financial difficulty," Russia's proposal read.
In addition, Russia has put forward a suggestion to the G20 summit which would see the IMF examining possibilities for creating a supra-national reserve currency, and also forcing national banks and international financial institutions to diversify their foreign currency reserves.
"We believe it is necessary to consider the IMF's role in this process and also define the possibility and the need to adopt measures allowing for Special Drawing Rights (SDRs) to become an internationally recognized super-reserve currency," the Russian document said.