G7 to Moscow: sanctions would have 'massive' impact on Russia

World powers on Monday warned Moscow that they stand ready to impose sanctions that would have a huge and immediate impact on Russia’s economy, should it pursue any further military aggression against Ukraine.

“Our immediate priority is to support efforts to de-escalate the situation,” finance ministers of the G7 group of most developed nations said in a statement.

However, if Moscow ramped up military action, the G7 warned that they “are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy.”