G-7 Finance Chiefs Show Readiness for Sanctions against Russia

Politics Economy

London, Feb. 14 (Jiji Press)--The finance ministers of the Group of Seven major industrial countries released a joint statement Monday expressing their readiness for economic sanctions against Russia if the country invades Ukraine.

"We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy," they said in the statement.

This marked the first reference by the G-7 finance ministers to sanctions against Russia over the Ukrainian situation. The G-7 had previously suggested such sanctions in a statement by their foreign ministers.

After Russia annexed the Crimea Peninsula in southern Ukraine in 2014, then G-7 finance ministers released a statement.

In the latest joint statement, the G-7 ministers said, "Our immediate priority is to support efforts to de-escalate the situation. However, we reiterate that in particular any further military aggression by Russia against Ukraine will be met with a swift, coordinated and forceful response."

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