Published February 14,2022
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Finance ministers from the
Group of Seven (G7) nations said on Monday they are prepared to impose "massive"
economic sanctions on Russia should it attack
Ukraine.
They called the
Russian build-up of forces on
Ukraine's borders "a cause for grave concern" and that should a military invasion proceed as the West fears there will be a rapid impact on Russia.
"We reiterate that in particular any further military aggression by
Russia against
Ukraine will be met with a swift, coordinated and forceful response," a joint statement said.
"We are prepared to collectively impose
economic and financial sanctions which will have massive and immediate consequences on the Russian economy," it continued.
Top US officials said in recent days that intelligence suggests
Russia could be planning to invade
Ukraine "at any time." Washington now puts the number of
Russian troops amassed near its neighbour at 130,000.
Despite this build-up,
Russia has repeatedly denied having any intent to invade
Ukraine and accuses the West of "scaremongering."
France, Germany, Italy, Japan, the United States, Britain and Canada form the G7. The rotating
presidency is currently held by Germany.
