Russia supports balanced global development and joint actions in global economy while condemning the attempts of unilateral actions to protect national markets, a senior financial official said Wednesday.

"It is unacceptable to devaluate national currencies artificially in order to support national economy, and to undertake trade protection measures," first deputy head of the Russian Central Bank Alexei Ulyukayev said at a financial conference.

Russia started its presidency in the Group of Twenty (G20) with the two-day conference "Investments and their financing: offer and demand for long-term financing," attended by finance ministers and heads of national banks.

Moscow supported the collective commitment of the Group of Seven (G7) to market-determined exchange rates, Ulyukayev said, referring to the latter's concern over Japan's recent moves to depreciate its currency yen.

"We reaffirm that our fiscal and monetary policies have been and will remain oriented toward meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates," G7 said in a statement on Tuesday.

Uluykayev said the global economy faced a challenge of returning to sustained growth which billions of people need. "In the modern intertwined world unilateral actions are non-productive."

Russia chairs the G20 this year and will host another two-day meeting of financial ministers in Moscow on Friday and Saturday ahead of the G20 summit in September.