But Russia is prepared to act as guarantor to a compromise the parties would achieve, Putin said, Interfax informs.

"This problem will be definitely raised at the Group of Eight summit - the more so, since most of its participants are involved in settling the Karabakh conflict," Putin said at a press conference in Strelna on Sunday.

"Presidents Chirac and Bush, and others are involved in the process and want Armenia and Azerbaijan to find a mutually acceptable solution," Putin said.