G7 warns Russia of massive economic fallout to a Ukraine invasion

London, Feb 14 (Prensa Latina) The finance ministers of the Group of Seven (G7) on Monday said they are ready to collectively impose severe sanctions on Russia in the event of a military invasion by Russian troops into the territory of Ukraine.

February 14, 2022
16:07

“We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy,” the bloc comprised of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States said in a statement.

“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,” the statement added.

NATO members accuse Russia´s interest in invading Ukraine, whose government has requested NATO membership.

Russia opposes NATO’s expansion into Eastern Europe, considering it is a threat to its national security. So, Russia still has more than 100,000 soldiers near Ukraine border. Russia claims its troops deployed in its territory is legal and has a defensive character.

NATO added it is ready to prop up Ukrainian economy with new aid packages in the case the border crisis escalates into war.

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