U.S. President Joe Biden is likely to miss the Peace Summit in Switzerland on June 15-16 due to fundraising for his election campaign in California, Bloomberg said.

"Switzerland scheduled the conference for June 15-16; after a meeting of the Group of Seven in Italy. Several G7 leaders plan to join but neither Biden nor Vice President Kamala Harris are scheduled to be there, according to people familiat with the matter who asked not to be named," Bloomberg said on Friday.

Biden is scheduled to fly from the G7 meeting in southern Italy to Los Angeles for a fundraiser on June 15, according to media reports.

"Along with Clooney and Roberts, former President Barack Obama and late-night TV host Jimmy Kimmel are set to join him," Bloomberg said.

The decision underscores how Biden continues to shift into campaign mode as he seeks to overcome former President Donald Trump's lead in key swing states ahead of the November election. Trump also eclipsed Biden's fundraising efforts for the first time last month, raising $76 million to his $51 million.

"It also reflects a broader pessimism about the conference, which Switzerland agreed to organize when President Volodymyr Zelenskyy visited the country in January," the media said, noting that about 70 countries will attend the summit at one level or another, including such leaders as like Canadian Prime Minister Justin Trudeau and German Chancellor Olaf Scholz, Japanese Prime Minister Fumio Kishida.

Bloomberg also said China's absence, however, will likely disappoint Zelenskyy. China and a number of other countries of the so-called Global South insist on Russia's participation in this process. Ukraine and its allies are reluctant to engage with Moscow until there is a broadly agreed upon set of principles that will guide any future peace settlement.