G7 finance ministers warn Moscow of "massive" economic consequences to Ukraine attack

The Finance Ministers of the G7 group of large western economies on Monday warned Russia of "massive" economic consequences if it chose to invade Ukraine, to whose economy they also promised swift and decisive support. "The ongoing Russian military build-up at Ukraine’s borders is a cause for grave concern.

The Finance Ministers of the G7 group of large western economies on Monday warned Russia of "massive" economic consequences if it chose to invade Ukraine, to whose economy they also promised swift and decisive support.

"The ongoing Russian military build-up at Ukraine's borders is a cause for grave concern. We, the G7 Finance Ministers, underline our readiness to act swiftly and decisively to support the Ukrainian economy," they wrote in a joint statement.

"Any further military aggression by Russia against Ukraine will be met with a swift, coordinated and forceful response," they added. "We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy."