About G7

• The Group of Seven (G7) is a collective of seven of the world’s most industrialized and developed economies. Their political leaders come together annually to discuss important global economic, political, social and security issues.
• The G7 member countries are the United States, Britain, France, Japan, Germany, Italy, and Canada. 
• Russia belonged to the forum from 1998 through 2014, when the bloc was known as the G8, but was suspended following its annexation of Crimea.
• India is not a member of the G-7 grouping.

Why in News?             

• The group of seven advanced economies (G7) agreed to implement a price cap on oil exports from Russia at a virtual meeting of their Finance Ministers. The move is aimed at cutting off a source of financing for Moscow as its invasion of Ukraine continues.

Reference:

1. https://www.thehindu.com/news/international/g7-agrees-to-implement-price-cap-on-russian-oil-seeks-inputs-from-all-countries/article65842706.ece