THE HAGUE, Netherlands
Russia has said a move by the G8 group of nations to suspend Moscow from membership is "detrimental to both Russia and the world", a Kremlin spokesperson was quoted as saying on Tuesday.
Dmitry Peskov said Russia was ready to contact the G8 members despite this, according to Itar-Tass news agency.
Leaders of the world’s seven top economies warned Russia on Monday it faced sanctions over its annexation of Crimea.
According to a group statement on Tuesday, leaders of the United States, Germany, France, Britain, Italy, Japan and Canada, alongside the chairmen of the EU Council and European Commission, said there would be consequences to Russia's actions.
"Under the present conditions, we will not attend a planned summit in Sochi," they said.
The seven leaders have now decided to meet without Russia and will hold their own summit in June in Brussels, as the G7.
The statement has said Russia’s “violation of international law is a serious challenge to the rule of law around the world and should be a concern for all nations”.
They also reminded Russia that it has international obligations but that “diplomatic avenues” remained open.
G7 nations also announced that they agreed their energy ministers should work together to increase energy security.
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