Part of: Prelims and GS-II – International relations
Context The Group of Seven (G7) economic powers told Russia to “de-escalate” its military buildup near the Ukrainian border, warning that an invasion would have “massive consequences” and inflict severe economic pain on Moscow.
- G7 stands for “Group of Seven” industrialized nations.
- It used to be known as the G8 (Group of Eight) until 2014 when Russia was excluded because of its annexation of Crimea from Ukraine.
- Countries: United States, the United Kingdom, Germany, Canada, Japan, France and Italy.
- The G7 does not have a formal constitution or a fixed headquarters.
- It is an informal bloc and The decisions taken by leaders during annual summits are non-binding.
- Generally every member country hosts the summit once every 7 years