The Group of Eight was effectively dismantled on Monday as the rest of the countries involved removed Russia's membership and plan holding a G7 summit in Brussels.
The G8 meeting was previously scheduled to be held in Sochi, but as countries across the world look for ways to increase pressure and sanctions on Russia, it was cancelled and a G7 meeting scheduled instead, reports Businessweek.
In an email, the G7 countries said, "We remain ready to intensify actions including coordinated sectoral sanctions that will have an increasingly significant impact on the Russian economy."
According to CBC News, after meeting at The Hague, the G7 leaders also released The Hague Declaration that said that the summit was being moved because of Russia's recent actions in Ukraine, since "this group came together because of shared beliefs and shared responsibilities."
The G7, which consists of France, Germany, Canada, The United States, The United Kingdom, Japan, Italy and also the European Council and European Commission presidents, also announced that they plan on adding on to the sanctions that many countries already have announced against Russia.