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State Duma (Russian Parliament) Chairman Vyacheslav Volodin said that the economies of the United States, Japan, Germany, Britain, France, Italy, and Canada continue to crack under load due to sanctions against Russia. 

For example, in the first quarter, the US economy recorded a 1.5% decline in the economy, while inflation reached 8.6%, which is the maximum since the end of 1981, Volodin pointed out. 

According to him, the US promoted sanctions and led to the creation of a new Big Eight (G8) – Russia, China, India, Indonesia, Brazil, Turkey, Mexico and Iran. These countries do not impose sanctions against Moscow, he noted.

Volodin referred to data from the International Monetary Fund (IMF) and noted that the new G8 is well ahead of the old one in terms of GDP at purchasing power parity (PPP) by almost 25%.

Sinking in economic terms, the United States continues to create tension in the world. They do everything to solve their problems at the expense of others. And this will inevitably lead to the loss of control in the world,’ Volodin wrote on his Telegram channel.

Russia has been a member of the G8 since 1997; in March 2014, Western countries stopped cooperation with Moscow in the organization due to the entry of Crimea into the Russian Federation. 

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During its membership in the G8, Russia once hosted the summit of the organization on its territory, the meeting took place in St. Petersburg in July 2006. The second meeting in the Russian Federation was supposed to take place in Sochi in June 2014, but due to the situation in Crimea, the G7 countries held it in Brussels. Source

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