The G-8 is now the G-7 with Russia being sanctioned

The planned G-8 meeting in Sochi Russia is being cancelled and will instead be hosted in Brussels without Russia. This change occurred after the Russian annex of Crimea, with the group of 7 (the U.S., Germany, the U.K., France, Italy, Canada, and Japan) trying to dissuade Russia from any further Ukraine conflict. The International Monetary Fund is releasing an announcement tomorrow after talks about a bailout loan for Ukraine in the order of 15-20 billion dollars.

The proposed plan to stop further Russian conflict is to establish new economic sanctions that aim to cripple the struggling Russian economy, and draw nearly 75 billion out of Russia in the next year if necessary.

With Russia being one of the largest Platinum producers, and platinum being in a huge deficit with the continuing mining strikes in south Africa, Russia may turn to platinum as a saving grace to bail out their economic woes. It is speculated that the Russian reserves of platinum and palladium are dwindling and along with the crunch on supply we could be nearing the point where the demand simply far exceeds the available supply, and by the laws of economics the price has no where to go but up.

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