G7 countries ready to impose sanctions against Russia in case of invasion of Ukraine – statement

The G7 Finance Ministers have stated about their readiness to impose economic and financial sanctions against the Russian Federation in case of an invasion of Ukraine.

This is said in the G7 Finance Ministers' statement posted on the UK government’s website, Ukrinform reports.

“Our immediate priority is to support efforts to de-escalate the situation [around Ukraine]. However, 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. We will continue to monitor the situation very closely and stand ready to act in a strongly coordinated manner and at very short notice with further economic and financial support for Ukraine,” the statement says.

The ministers also stressed support for Ukraine's sovereignty and territorial integrity.

“We are united in our resolve to protect the sovereignty, territorial integrity as well as economic and financial stability of Ukraine. The G7, together with international financial institutions and in particular the International Monetary Fund (IMF) through its 2020 Stand-by Arrangement, are providing significant financial support to Ukraine. Since 2014 until now, the combined bilateral and multilateral economic support has exceeded 48 billion US dollars,” the statement says.  

It is noted that the G7 countries will continue to coordinate closely to ensure that Ukraine receives the economic support necessary to facilitate the authorities´ ongoing reform efforts under an IMF programme.

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