The G7 finance ministers said Monday in a statement that any further military aggression by Russia against Ukraine will be met with a swift, coordinated, and forceful response.

“The ongoing Russian military build-up at Ukraine’s borders is a cause for grave concern,” the statement said. “We are united in our resolve to protect the sovereignty, territorial integrity as well as economic and financial stability of Ukraine.”

Reminding that it has been assisting Ukraine since 2014, the G7 ministers said they will continue their economic support for Kyiv authorities’ ongoing reform efforts under the IMF program, which is also supported by other international financial institutions.

The ministers stressed that they are prepared to collectively impose economic and financial sanctions on Russia, which will have massive and immediate consequences on its economy.

Diplomatic steps taken over the weekend were not enough to lower the tension between Russia and Ukraine after US officials warned of imminent military aggression by Moscow in Ukraine.

US President Joe Biden on Sunday assured his Ukrainian counterpart Volodymyr Zelensky that Washington would “respond swiftly and decisively” to any further Russian aggression against Ukraine. Zelensky thanked Biden for America’s “unwavering support” and invited him to visit Ukraine.

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