The Group of Seven major powers decided to hold a summit in Brussels in June instead of a planned G-8 meeting in Sochi in the latest sanction against Russia for President Vladimir Putin's annexation of Crimea.
"We will suspend our participation in the G-8 until Russia changes course," President Barack Obama and his fellow G-7 leaders said in a statement after a meeting in The Hague this evening. "This clear violation of international law is a serious challenge to the rule of law around the world and should be a concern for all nations."
The U.S. and its allies have expressed growing concern that Russia is building up its forces on the border with Ukraine after taking control of the Black Sea peninsula. It's the worst standoff between the former Cold War enemies since the Soviet Union collapsed. Ukraine said today it deployed more troops to the frontier.
Russian Foreign Minister Sergei Lavrov dismissed the G-7 move. "The G-8 is an informal club without memberships," he told reporters in The Hague. "If western nations feel that the formula of G-8 no longer works, so be it."
After Putin completed the annexation of Crimea and the two sides exchanged sanctions, attention has shifted to whether Russia will seek to claim other parts of Ukraine. U.S. officials have warned of Russian troop reinforcements, raising concern that it may be preparing to carve off more areas of the east and south.
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.