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.
"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.
The G7 foreign ministers said their immediate priority is to support efforts to de-escalate the situation, but stressed that "any particular further military aggression by Russia against Ukraine will be met with a swift, coordinated and forceful response."
They also pledged the support of the seven richest economies in the world to the Ukrainian economy.
In the past few months, the West and Ukraine have accused Russia of a troop build-up near the Ukrainian border in preparation for an invasion.
Moscow has denied these accusations, stating that it is not threatening anyone and at the same time expressing strong concerns over NATO's military activity near the Russian borders.
Moscow has also said Russia has the right to move troops within its national territory.
( With inputs from ANI )
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