G7 nations to impose 'massive' economic sanctions on Russia in case of invasion of Ukraine

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.