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, while also supporting the ongoing efforts to urgently identify a diplomatic path towards de-escalation. 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. We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy. We will continue to monitor the situation very closely and stand ready to act in a strongly coordinated manner and at very short notice with further economic and financial support for Ukraine”, they wrote in a joint statement.