G8 preparations put on hold as Russia strengthens military presence in Crimea

Zee Media Bureau/Supriya Jha Washington: As Russia goes ahead with its plan of military intervention in Ukraine, the top rich economies of the world comprising G8 nations, have condemned Moscow`s act and boycotted the preparatory talks ahead of the G8 Summit in Sochi.

The G8 Summit is scheduled for June and is to be held in Russia`s Black Sea resort of Sochi. However, in light of Russia`s recent aggression in Ukraine, the remaining nations of the G8 group have put on hold the preparatory activities ahead of the summit. Also, US Secretary of State John Kerry has threatened that Sochi summit might never happen and Russia may be shown the door out of the group, if if sticks to its aggressive attitude. Speaking to the NBC channel, Kerry said, “He is not going to have a Sochi G8, he may not even remain in the G8 if this continues”.  The seven nations, namely - the UK, Canada, France, Germany, Italy, Japan, and the US – have condemned "the Russian Federation`s clear violation of the sovereignty and territorial integrity of Ukraine" and decided to “suspend our participation in activities associated with the preparation of the scheduled G8 Summit in Sochi in June," said a statement released from the White House. The seven top industrial nations have also urged immediate dialogue between Moscow and Kiev to resolve any concerns. The G7 nations also said they were ready to assist Ukraine financially, in addition to the International Monetary Fund (IMF) aid. To discuss Ukraine`s economic urgency, the European Union foreign ministers are will today meet in an emergency session in Brussels. Ukrainian Finance Ministry has said that the nation needs $35bn over the next two years.