Ukraine: G7 ready to impose ‘massive’ sanctions on Russian economy

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, then there would be a rapid impact on Russia.
In a joint statement they wrote` `we reiterate that in particular any further military aggression by Russia against Ukraine will be met with a swift, coordinated and forceful response.
“We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy.’’
Top U.S. 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.
The G7 promised to continue its “significant financial support” to Ukraine. The G7, along with the International Monetary Fund, has provided Kiev with $48 billion since 2014, the statement said.
The U.S. and its NATO allies charge that Russia was preparing a renewed attack on Ukraine, following the 2014 annexation of Crimea, an accusation that Russia rejects and calls “scaremongering.”
France, Germany, Italy, Japan, the U.S., Britain and Canada form the G7. The rotating presidency is currently held by Germany.
Western leaders have been scrambling to defuse the crisis but their conversations with Russian President Vladimir Putin including U.S. President Joe Biden have failed to make progress.
In a show of deterrence and solidarity, NATO allies have been sending more forces and equipment into Eastern Europe and putting other troops on standby.
Meanwhile, several countries have begun evacuating diplomatic staff members from Ukraine.