Russia is going to laugh at this and when they turn off the oil to Europe will have the last laugh.
Check it out:

The United States and other Western powers on Monday kicked Russia out of their exclusive club, at least temporarily.

Western leaders replaced a Group of Eight meeting that Russia was to host in Sochi this June with a Group of Seven meeting in Brussels, effectively suspending Russia’s G-8 membership in the process.

The decision at an emergency meeting of the G-7 in The Hague is the latest in a series of diplomatic steps the Obama administration has taken to isolate Moscow for its takeover of Crimea, a region of Ukraine that Russia annexed last week.
In a joint statement, the G-7 countries said that the group was originally formed “because of shared beliefs and shared responsibilities.”

“Russia’s actions in recent weeks are not consistent with them. Under these circumstances, we will not participate in the planned Sochi Summit,” the countries said.

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