G8, the elite group of eight, is essentially dead while the diplomatic standoff with Russia is persisting, German Chancellor Angela Merkel highlighted. The majority of the participants decided that in the current political climate the forum would continue to meet as the G7 Group of nations. The current political climate means the political crisis in Ukraine and the integration of Crimea in particular. “As long as the political settings for something as important as the G8 are not guaranteed then that means the G8 does not exist at present, neither the summit nor the format as such," Angela Merkel stated the majority opinion in her speech to the Bundestag lower house. Since the suspension of Russia, the original G7 and the EU are determined to escalate their sanctions against Russia and consider changes of the future cooperation principles. The European policymakers insist that the situation over Crimea violated the international law. Hence, Russia’s actions towards Ukraine call forth interference from the global community. Meanwhile, European leaders are ramping up punitive measures against Russia. So, they updated the black list of people deemed responsible for Russia's incursion into the Ukrainian region of Crimea. The EU and the U.S. have imposed travel bans and asset freezes on certain Russian and Ukrainian officials. Importantly, the other day Angela Merkel said in the interview that Russia had not been formally booted out of the G8. However, she added that the western leaders pulled out of preparations for a summit scheduled for Sochi in June. She indicated that the suspension was temporary. Eventually, the German Chancellor has toughened her stance against Russia. The expelling information has proved true. Escalation of sanctions will involve broader bans and could then move to wider trade and financial restrictions. In the meantime, overseas accounts of several Russian and Ukrainian officials have been arrested.
