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G7 finance ministers warn Moscow of "massive" economic consequences to Ukraine attack

Published 14/02/2022, 09:23
Updated 14/02/2022, 10:01
© Reuters. FILE PHOTO: A view shows the Gozhsky training ground during military exercises held by the armed forces of Russia and Belarus in the Grodno region, Belarus, February 12, 2022. Ramil Nasibulin/BelTA/Handout via REUTERS

BERLIN (Reuters) - The Finance Ministers of the G7 group of large western economies on Monday warned Russia of "massive" economic consequences if it chose to invade Ukraine, to whose economy they also promised swift and decisive support.

© Reuters. FILE PHOTO: A view shows the Gozhsky training ground during military exercises held by the armed forces of Russia and Belarus in the Grodno region, Belarus, February 12, 2022. Ramil Nasibulin/BelTA/Handout via REUTERS

"The ongoing Russian military build-up at Ukraine’s borders is a cause for grave concern. We, the G7 Finance Ministers, underline our readiness to act swiftly and decisively to support the Ukrainian economy," they wrote in a joint statement.

"Any further military aggression by Russia against Ukraine will be met with a swift, coordinated and forceful response," they added. "We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy."

Latest comments

A test by Russia to guage world reaction. The statement by G7 to swift and decisive action means nothing until they say what that action will mean and what consequences it will have on Russia. Sanctions on individuals are laughable. What they should say is a total block on exports to Russia...that will make 'em fa RT
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