Ukraine: the G7 ready to impose “massive” sanctions on the Russian economy
Finance ministers from the Group of Seven (G7) countries said on Monday they were prepared to impose “massive” economic sanctions on Russia if it attacked Ukraine.
They called the build-up of Russian forces on Ukraine’s borders a “grave concern” and that if a military invasion unfolds as the West fears, then there would be a rapid impact on Russia.
In a joint statement, they wrote: “We reaffirm that in particular, any new military aggression by Russia against Ukraine will be met with a prompt, coordinated and forceful response.
“We are ready to collectively impose economic and financial sanctions that will have massive and immediate consequences on the Russian economy.”
Senior US officials have said in recent days that intelligence suggests Russia may consider invading Ukraine “at any time”. Washington now estimates the number of Russian soldiers amassed near its neighbor at 130,000.
The G7 promised to continue its “significant financial support” to Ukraine. The G7, along with the International Monetary Fund, has provided Kyiv with $48 billion since 2014, the statement said.
The United States and its NATO allies accuse Russia of planning a new attack on Ukraine, following the annexation of Crimea in 2014, a charge that Russia denies and calls ‘scaremongering’ .
France, Germany, Italy, Japan, the United States, Great Britain and Canada form the G7. The rotating presidency is currently held by Germany.
Western leaders have tried to defuse the crisis, but their talks with Russian President Vladimir Putin, including US President Joe Biden, have made no progress.
In a show of deterrence and solidarity, NATO allies sent more forces and equipment to Eastern Europe and put more troops on standby.
Meanwhile, several countries have begun evacuating diplomatic personnel from Ukraine.