G8 turns G7 after kicking out Russia

PTI, Washington :
The G7 group of top economic powers have kicked out Russia from the powerful G8 over its annexation of Crimea and threatened to impose far-reaching sanctions if Moscow continued its incursion into Ukraine.
The US and six other economic powers also scrapped the G8 summit to be hosted by Russia in Sochi in June to build pressure on Russian President Vladimir Putin against his military action in Ukraine.
At an emergency summit in the Hague yesterday, the leaders of the US, Britain, Canada, Germany, France, Italy and Japan – who met for the first time since Russia was admitted to their exclusive club 16 years ago, cancelled the planned G8 summit and decided to convene without Russia in Brussels.
“We will suspend our participation in the G8 until Russia changes course and the environment comes back to where the G8 is able to have a meaningful discussion and will meet again in G7 format at the same time as planned, in June 2014, in Brussels, to discuss the broad agenda we have together,” the G7 countries said in a joint statement.
The G7 leaders also reaffirmed their support for Ukraine’s sovereignty, territorial integrity and independence, and pledged to assist the country as its seeks to restore unity, democracy and political stability based on the interim government’s reform agenda.
They deplored the referendum held in Crimea on its future status and subsequent Russian annexation of the Ukrainian autonomous region a week ago as “illegal and in contravention of international law”. A senior Obama administration official described this as a strong statement from the G7 that Russia’s actions will have significant consequences.
“We’ve already imposed a cost on Russia in the sanctions that we’ve issued in coordination with Europe, Canada, and Japan as well.
“In short, Russia is suspended from the G8 pending its current activities in Ukraine, and the necessity is now on Russia to de-escalate to avoid this continued isolation from the international community,” the official said.
If Russia “continues to escalate this situation”, they will be prepared to expand a variety of sanctions slashed earlier on individuals and entities responsible for the crisis by taking “coordinated sectoral sanctions which will have an increasingly significant impact on the Russian economy,” the statement said.