G7 Nations Isolate Russia, Back Out of Sochi Summit

The world's top economic powers have officially backed out of the planned G8 summit in Sochi, a result of Russia's aggressive actions in Ukraine.

"We, the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, the President of the European Council and the President of the European Commission met in The Hague to reaffirm our support for Ukraine’s sovereignty, territorial integrity and independence," the G7 leaders said in a statement issued shortly after Monday's emergency meeting

See also: In Pictures, Russia's Military Occupation of Crimea

The statement also threatened "sanctions that will have an increasingly significant impact on the Russian economy, if Russia continues to escalate this situation." Read more...

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