(Source: http://ruwest.ru/news/15559)

Russia does not regret its inability to participate in G8, and the impact of the sanctions on its economy in the West is greatly exaggerated. This was stated by the Head of the Russian Presidential Administration Sergei Ivanov in an interview with TASS.

“Yes, this creates certain difficulties, it’s silly to deny the obvious, but ... we have experienced even much more serious problems in the past (...) Sanctions were imposed against us even at the time of the Romanov emperors, there’s nothing new here. And the measures were then much tougher than they are now” - the official reported.

At the same time, according to him, Moscow is not seeking to return to the “Big Eight”. “G8 is already unable to solve the serious problems that the humanity is facing at the present stage” – Ivanov explained, noting that the really important issues are decided at the level of G20.

“So we do not regret the inability to participate in G8, I assure you” - the Head of the Administration summed up. The United States, the European Union and a number of other states have repeatedly imposed sanctions against Russia since March 2014.

The restrictive measures affected a number of Russian companies which operate mainly in the energy, financial, and defense sectors. Sanctions were also imposed against certain citizens of Russia.

The format of G8 (France, Britain, Russia, USA, Germany, Japan, Italy and Canada) ceased to exist in March 2014 simultaneously with the exclusion of Russia from the group. The G7 Summit was held in June of that year in Brussels. G7 officially became G8 in 1998, giving Russia a formal right to fully participate in this international club.