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Why will Putin miss APEC summit?

Russian President Vladimir Putin has decided not to attend next Wednesday’s Asia-Pacific Economic Cooperation summit in Manila.
The Kremlin confirmed the news on Thursday, saying Prime Minister Dmitry Medvedev will head a delegation instead.
Why?
Kremlin spokesman Dmitry Peskov said Medvedev already has a series of meetings planned in Southeast Asia. Yet obsevers noted that Medvedev has better relationship with the U.S.

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