The Group of the Seven Economic Powers on Sunday called on Russia to de-escalate its military build-up near the Ukrainian border, warning that an invasion would have massive consequences and inflict severe economic pain on Moscow.
The G7 Foreign Ministers, along with the European Union Foreign Minister, issued a joint statement in which they united in our condemnation of Russia’s military rearmament and the aggressive rhetoric against Ukraine.
The G-7 urged Russia to de-escalate, pursue diplomatic channels and meet its international commitments to transparency of military activities, and praised Ukraine’s reluctance.
Any use of force to change borders is strictly prohibited under international law. Russia should have no doubt that further military aggression against Ukraine would have massive consequences and high costs, the statement said.
The US and its NATO and G-7 allies fear that the relocation of Russian troops and weapons to the border region could be a precursor to an invasion and have vowed to impose heavy sanctions on the Russian economy if it does.
Moscow denies attacking Ukraine and accuses Kiev of allegedly aggressive intentions of its own.
Truss, who spoke to US Secretary of State Antony Blinken and other G-7 diplomats about the crisis, said the group is sending a strong signal to our adversaries and allies.
It was clear to us that a Russian invasion of Ukraine would have massive consequences that would generate significant costs, she said at a press conference on the last day of the weekend’s meeting.
Top G-7 diplomats, Britain, the United States, Canada, France, Germany, Italy and Japan are likely to give Moscow a stern warning as part of their conclusions for the conference later on Sunday. It is less clear how detailed they are going to detail the actions they might take.
When it comes to economic sanctions, Truss said the G-7 is considering all options.
A senior US official who attended the G-7 talks said ministers agreed on their utter concern about developments on the Russian-Ukrainian border and agreed on the need for strong action, which is very, very quick could be implemented if Russia failed to heed warnings to withdraw.
The US and its allies have downplayed talk of a military response to defend Ukraine, with efforts focused on harsh sanctions that would hit the Russian economy, not just individuals.
In the US, reporters asked President Joe Biden on Saturday about the possibility of sending combat troops to Ukraine, and he said the idea was never considered. Are you ready to send American troops to war and go to Ukraine to fight Russians on the battlefield? he said.
Biden said he made it clear to Putin that the economic impact on his economy will be devastating if invaded. Destructive.
China’s muscle game in the Indo-Pacific and the ailing nuclear deal with Iran were also on the agenda for the weekend’s meeting at Liverpool’s port museum.
It has often proven difficult to get a single response from the G-7, a group of countries with different interests.
Germany plans to get gas from Russia soon via the controversial Nord Stream 2 pipeline, which runs by Ukraine. The UK, which is not dependent on Russian gas, is generally tougher in the pipeline, but faces tough questions about London’s financial district and real estate market, both hubs for Russian money.
UK banking and finance authorities have long been criticized for allegedly turning a blind eye to ill-gotten gains, but Truss insisted the UK has very strict anti-corruption and anti-money laundering rules.
The G-7 countries are also increasingly concerned about China’s growing economic and technological dominance, particularly in developing countries. The G-7 has launched a Build Back Better World initiative to offer developing countries funding for large infrastructure projects as an alternative to money from China, which the West believes is often conditional.
Truss said the G-7 was concerned about China’s forced economic policies.
And what we want to do is build the investment, reach the economic reach of like-minded, freedom-loving democracies, she said. That is why we are investing more in low- and middle-income countries.
However, a unified stance on China continues to prove elusive as the US and UK are generally more restrictive than other G-7 members.
(Only the headline and image of this report may have been revised by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)