G-8 nations (Group of the eight Countries) on 18 March 2014 suspended Russia from elite club of world powers. It has been suspended amid heightened tensions over its incursion in Crimea of Ukraine. This announcement of suspension of Russia was made by Laurent Fabius, the Foreign Minister of France.
Apart from this suspension of Russia from G-8 Nations list, the US and European Union have also announced new sanctions against Moscow over its actions in the Crimean Peninsula. The US has also called for a meeting of a Group of Seven nations (world's leading industrial democracies) excluding Russia on the sidelines of the Nuclear Security Summit that will held in The Hague on 24 and 25 March 2014. This meet has been called to discuss further responses to the Crimea crisis.
Earlier, Vladimir Putin signed a treaty making Crimea a part of Russia, which is a historic redrawing of Russian borders (overall map). Putin after signing the treaty declared that the Black Sea region has always been in the hearts of his countrymen.
Vladimir Putin, Russian President on 17 March 2014 signed a treaty making Crimea a part of Russia despite of strong international objections. On the other hand, the newly-proclaimed Republic of Crimea has also announced to use Ruble (the Russian Currency) as an official currency and its legislature has decided to switch itself into Russian time zone by the end of March 2014.
All these actions by Russia were taken following the 16 March 2014 controversial referendum in which 97 percent people backed splitting from Ukraine.
Earlier, the pro-Russian forces in February 2014 took over Crimea after the ousted Ukraine President, Viktor Yanukovych fled to Russia following months of street protests.
Analysis: This annexation of Crimea by Russia has brought back the times of serious East-West crisis since the end of the cold-war, as the Putin has not shown any concern over the annexation even after the serious reactions and threats of tougher sanction by many nations.
Following this annexation of Crimea, the Russian politicians claimed the sanctions as defiance and the State Duma or the lower house of the country has adopted a statement urging Washington and Brussels to extend the visa ban and asset freeze to its entire member.
G-8 Countries are: Canada, France, Germany, Italy, Japan, United Kingdom, USA and Russia (now suspended).