G7 finance ministers warn Russia of 'massive consequences' if Moscow invades Ukraine

“The ongoing Russian military build-up at Ukraine’s borders is a cause for grave concern,” read a joint statement from the Group of Seven (G7) Finance Ministers on Monday, February 14 as they hurled urgency of dealing with the crisis. The arrangement pushed for the efforts to identify a diplomatic path towards de-escalation of the tensions, as it called for the countries involved in drafting a resolution “to act swiftly and decisively”. 

“We are united in our resolve to protect the sovereignty, territorial integrity as well as economic and financial stability of Ukraine,” the joint statement from the G7 read, adding that efforts must be made to support the Ukrainian economy in an event of an armed conflict. 

The G7 nations and international financial institutions, particularly the International Monetary Fund (IMF) through its 2020 Stand-by Arrangement are focused on providing significant financial support to Ukraine, said the foreign ministers. Foreign ministers from the United States, Britain, and the rest of the G7, were earlier joined by the European Union’s foreign affairs chief to discuss Ukraine’s security as Russia massed troops on the frontier.

'Use of force to change borders strictly prohibited': G7 warns Russia 

“We are united in our condemnation of Russia’s military buildup and aggressive rhetoric towards Ukraine,” they had asserted in a joint statement. G7 had also asked Russia to “de-escalate, pursue diplomatic channels, and abide by its international commitments on transparency of military activities,” and had, at the same time, lauded the Ukrainian military’s “restraint.”

“Any use of force to change borders is strictly prohibited under international law. Russia should be in no doubt that further military aggression against Ukraine would have massive consequences and severe cost in response,” the G7 foreign ministers had asserted. 

In a joint statement on Monday, the G7 FMs noted that they have been coordinating closely to ensure that Ukraine receives economic support. “Since 2014 until now, the combined bilateral and multilateral economic support has exceeded 48 billion US dollars,” the group ministers informed. 

“Our immediate priority is to support efforts to de-escalate the situation. However, we reiterate that in particular any further military aggression by Russia against Ukraine will be met with a swift, coordinated, and forceful response,” the G7 foreign ministers warned Russia in a joint statement.