Washington – ‘The ongoing Russian military build-up at Ukraine’s borders is a cause for grave concern. 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,’ the G7 group has warned. Russia would invade Ukraine at any moment in the next few days, warned the United States, United Kingdom and NATO. Against this backdrop, G7’s warning is believed to be part of efforts to increase the pressure more on Russia.
On Monday morning, the G7, a group of leading countries on the international level, issued a joint statement on the Russia-Ukraine issue. In the statement, the G7 warned that the international community was ready to impose tougher sanctions on Russia. ‘Our immediate priority is to support efforts to de-escalate the situation, said G7. However, if Russia decides on military action, the G7 warned that ‘We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy.’
The statement clarified that the G7 countries were also prepared to provide necessary financial assistance to Ukraine’s economy while imposing sanctions on Russia. A statement of the German Foreign Minister also has surfaced before the G7 statement. If the time comes to impose sanctions on Russia, Germany is ready to pay the price required for that, had said German Foreign Minister Annalena Baerbock. It is also said that last week, the US, UK and the EU reached a consensus on the outline of the sanctions to be imposed against Russia.
Moreover, European countries, including the United States, have already imposed sanctions on Russia on a large scale. The Western community has imposed harsh sanctions against Russia on the issues like the attack on Ukraine in 2014, the annexation of Crimea, cyberattacks, interference in the elections, human rights violations and the incident of the downing of a plane in Ukraine. Russia has also announced sanctions in response to sanctions by the Western countries. Western thinktanks have claimed that sanctions imposed on Russia have slowed down the Russian economy. However, Russia has denied these claims while saying that such sanctions have hit European countries rather hard.