President Lee Myung-bak is set to leave for St. Petersburg Tuesday to hold summit talks with Russian President Dmitry Medvedev before heading to Cannes to attend the G20 Summit.

At the summit with Medvedev on Wednesday, Lee will discuss bilateral cooperation while talks are underway between the Korea Gas Corp. and Russia’s Gazprom, as well as between Gazprom and its North Korean counterpart on piping Siberian gas to South Korea via North Korea.

Lee will fly over to Cannes, France, later Wednesday to attend the annual G20 Summit through Friday, during which global leaders will seek ways to bolster policy coordination to minimize the spillover from the eurozone crisis.

Lee is expected to push for substantial follow-up measures on development aid for balanced growth around the world, which was put on the G20 agenda on Korea’s initiative at the Seoul G20 Summit last year.

Lee is scheduled to return home Saturday.

By Kim So-hyun (sophie@heraldcorp.com)