Published February 14,2022
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
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.