Ukraine Crisis: G7 threatens Russia with sanctions

“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.

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 alleged preparation for an invasion.

Moscow has denied the accusations, repeatedly stating that it is not threatening anyone and at the same time expressing strong concerns over NATO's military activity near the Russian borders, which it deems a threat to its national security. Moscow has also said Russia has the right to move troops within its national territory.