London: A prominent London think tank says Australia has become so influential on the world stage, there is a strong case for it to replace Russia and restore the G7 to the G8.

Russia was kicked out of the elite club, which comprises the world's most powerful nations including the United States, United Kingdom, Canada, Japan, France, Germany and Italy, after President Vladimir Putin annexed Crimea in 2014.

The Henry Jackson Society's second Audit of Geopolitical Capability report, which assesses the geopolitical capability of the Group of 20 nations plus Nigeria, ranked Australia as the eighth most capable in the world, ahead of India and Russia.

Russian President Vladimir Putin and Prime Minister Scott Morrison during the family photo at the G20 summit in Buenos Aires last year. Credit:Alex Ellinghausen

Australia is a member of the G20 which has been meeting annually, including in Australia, since the financial crisis in 2008. But the think tank said there was a case for Australia to enter a more elite club, with Russia, "once seen as a global superpower" being overtaken by Australia in their new survey.