President of the United States, Barack Obama, declared that if Russia "continues to violate its obligations under the Minsk agreement" sanctions will continue "beyond July," in a press conference following the G7 summit, on Monday at Schloss Elmau in Kruen, Bavaria. The president went further, saying that the G7 was "ready to impose additional sanctions against Russia," if the conflict in eastern Ukraine continues. Obama also stated that the G7 "will continue to supply economic support and technical assistance" to Ukraine, so the country can "transform its economy and strengthen its democracy." Obama also asserted that given the fact that "Russia is in deep recession," citing the Russian Central Bank's loss of $150 billion dollars [€133.72 billion] in reserves, the country's "actions in Ukraine are hurting Russia and hurting the Russian people." The heads of state and government of all G7 nations - Canada, France, Germany, Italy, Japan, the UK and the USA - met with European Council President Donald Tusk, European Commission President Jean-Claude Juncker and the heads of a number of international organisations in south Germany. This year's gathering is estimated to cost just over €130 million ($144 million) according to official figures; while the German Taxpayers Federation believes it may cost the German state close to €360 million ($400 million). The G7, formerly known as the G8, excluded Russia from the group of industrialised democracies in March 2014, citing its reunification with Crimea and the conflict in eastern Ukraine as the principle reasons.
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