Felicity Vabulas is a post-doctoral scholar at the University of Chicago’s Harris School of Public Policy.

On Monday March 24, 2014, seven of the world’s wealthiest industrialized democracies suspended Russia from the Group of Eight (G-8) for its whirlwind annexation of Crimea. The G-8 arguably represented the world’s most exclusive club. Its summits and supporting ministerial meetings have among other things dealt with macroeconomic management, international trade, energy, terrorism and development since 1998. But what impact will the suspension of Russia by the G-7 countries—the United States, Canada, Japan, the United Kingdom, Germany, France, and Italy —actually have?