Putin [right] will be hoping to smooth over EU and US divisions
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Leaders from across the globe have gathered in the Russian city of St Petersburg, both to attend summits in honour of the city's 300th anniversary and to try and heal divisions caused by the recent Iraqi conflict.
On Saturday, Russian President Putin is to hold a meeting with leaders of the European Union, some of whom were among the most vociferous of anti-war campaigners.
In the evening, world leaders are due to attend a sumptuous banquet at the 18th century Peterhof palace, facing the Baltic Sea, and will watch a spectacular water and music show.
And on Sunday presidents Putin and Bush will meet for the first time since Moscow publicly opposed the war in Iraq.
US President George W Bush is expected in the city on Saturday night. He has already expressed a desire to cooperate with Russia "for the benefit of any country and universal peace", despite previous diplomatic spats over Russia's anti-war stance, he said in a Russian television interview shown on Friday.
UK Prime Minister Tony Blair said, shortly before he arrived in the city, that any disagreements between Europe and the US should be managed "carefully as between allies", rather than as a "diplomatic dogfight".
He also warned the US, in turn, to treat Europe as "America's partner, not its servant".
The weekend's events follow Friday's summit between Mr Putin and the former Soviet republics.
Week-long celebrations
Russia has spent $1.5bn to give St Petersburg a face-lift, as President Putin - one of the city's most famous sons - prepared to host what correspondents say is one of the most important summits of his career.
Mr Putin played a full role in the start of his native city's celebrations on Friday, watching children dance on a newly-renovated St Petersburg square, and praising the city's founder Peter the Great in a speech in front of one of the city's ornate palaces.
The city - founded by Tsar Peter the Great - has been celebrating its anniversary all week with open-air concerts, laser shows and grand regattas on the Neva River.
Observers on Friday said that, as the various leaders from the EU and former Soviet republics met, there was a lot of hugging and smiling which even the pouring rain failed to dampen.
Between the summits, Mr Putin is due to take on the role of tour guide, taking world leaders around the palaces and museums of Russia's most European city.
However, relations could become more frosty on Saturday when Mr Putin prepares to meet leaders from the EU.
EU officials quoted by the French news agency AFP say that Russia's war in the breakaway republic of Chechnya would be mentioned in a final declaration signed after the summit despite Russian objections.
'A crucial time'
Earlier, leaders of the former Soviet republics approved the lifting of the UN sanctions on Iraq.
Meeting as the Commonwealth of Independent States, the leaders spoke out in support of enhancing the role of the United Nations in the post-war reconstruction of Iraq.
The BBC's Nikolai Gorshkov, in St Petersburg, says the CIS backed Russian aims to mend relations with the West over Iraq, with all members hoping to see a stable regime in the region close to their southern borders - but they mostly discussed their own economic problems.
Of particular interest to CIS members will be Russia's summit with the EU, including the leaders of 10 future EU members, most of them former Soviet allies, our correspondent adds.
Japanese Prime Minister Junichiro Koizumi and Mr Putin - who also met on Friday - agreed to boost joint work on energy projects, and reaffirmed the need to sign a post-World War II peace treaty.
St Petersburg is the first leg of Mr Koizumi's seven-day trip to Europe which started on Thursday.