Finance ministers of the Group of Seven industrialized nations on Monday threatened to impose economic and financial sanctions “in a very short time” on Russia, the consequences of which would be “tremendous and immediate” if it invaded Ukraine.
This came in a statement published by the group after a meeting in the German capital, Berlin, and bears the signature of the finance ministers of the seven countries.
The statement added that “the priority is now to support efforts to reduce the escalation, but the countries of the group will respond quickly and effectively to any new Russian military aggression against Ukraine.”
The “Group of Seven” includes Germany, Italy, France, Japan, the United Kingdom, the United States of America and Canada.
Western countries, led by the United States, accuse Russia of amassing forces near the Ukrainian border, and Washington has threatened to impose sanctions on Moscow if it launches an attack on Ukraine.
Russia rejects the accusations about the movements of its forces inside its territory, and denies the existence of any aggressive plans it has towards Ukraine.