The Group of Eight (G-8) was an assembly of the world's largest developed economies that have established a position as pacesetters for the industrialized world. Leaders of member countries, the United States, the United Kingdom (U.K.), Canada, Germany, Japan, Italy, France, and until recently, Russia, meet periodically to address international economic and monetary issues. In 2014, Russia was suspended indefinitely from the group after annexing Crimea, an autonomous republic of Ukraine. As a result, the G-8 is now referred to as the G-7.