Leaders from the G7 group of nations say the Russian military build-up on the Ukrainian border is a cause for “grave concern”, and warn they are prepared to impose a huge package of economic sanctions should Moscow decide to invade its near neighbour.
In a statement issued on Monday morning, finance ministers from the group of the world’s wealthiest democratic nations – including the UK, US and Germany – say their immediate priority “is to support efforts to de-escalate the situation”.
However, they warn that if Russia ramps up military action, the group is prepared “to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy”.
“We, the G7 Finance Ministers, underline our readiness to act swiftly and decisively to support the Ukrainian economy, while also supporting the ongoing efforts to urgently identify a diplomatic path towards de-escalation.”
Western nations have repeatedly warned Moscow that any invasion of Ukraine will provoke a crippling economic response, with German Foreign Minister Annalena Baerbock saying last week that Berlin is willing to “pay a high economic price” should sanctions be required against Russia.
However, over the weekend Viktor Tatarintsev, Russia’s ambassador to Sweden, scoffed at the promise of western sanctions, claiming that President Vladimir Putin was undaunted by threats.
He added that “the more the West pushes Russia, the stronger the Russian response will be”.
