- G7 economic powers told Russia on Sunday to “de-escalate” its military buildup near the Ukrainian border.
- It also warned that an invasion would have “massive consequences” and inflict severe economic pain on Moscow.
- G-7 foreign minister issued a joint statement declaring themselves “united in our condemnation of Russia’s military buildup and aggressive rhetoric towards Ukraine.”
- This decision was taken at recent G7 meeting, attended in person by the U.S. Secretary of State and other counterparts from France, Italy, Germany, Japan and Canada.
- This decision comes amid international concern that Russia could invade Ukraine.
- It also called on Russia to “de-escalate, pursue diplomatic channels, and abide by its international commitments on transparency of military activities,” and praised Ukraine’s “restraint.”
- However, Russia denies planning any attack.
- Ukraine is the bone of contention in East-West relations as the West accuses Russia of massacring many thousands troops in preparation for a large-scale military offensive.
- Russia accuses Ukraine and the United States for destabilising behaviour, and says it needs security guarantees for its own protection.
- It was set up in 1975 as G8 which was an informal forum bringing together the leaders of the world’s leading industrial nations.
- It gathers leaders from the European Union and Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
- Aimed at discussing and deliberating on international economic issues.
- It also sought to resolve other global problems, with a special focus on economic issues.
- Russia was formally inducted as a member in 1998 due to which G8 was formed.
- Russia’s condemnable act of moving Russian troops into eastern Ukraine and conquering Crimea in 2014 attracted heavy criticism from other G8 nations.
- Other nations then decided to suspend Russia from the grouping and the group became G7 again in 2014.