In the case of a Russian attack
G7 threaten Putin with severe sanctions
2/14/2022, 3:14 p.m
What can the West do if a Russian attack on Ukraine actually occurs? The finance ministers of the G7 states make it clear that in such a case, Russian President Putin must expect sanctions that would have “massive and immediate effects on the Russian economy.”
The group of seven leading industrialized countries (G7) has threatened Russia with severe economic and financial sanctions if it attacks Ukraine. The G7 countries are ready to jointly impose sanctions that would have “massive and immediate effects on the Russian economy,” the G7 finance ministers said in a statement. The ministers emphasized that the top priority of the G7 is still to support efforts to de-escalate the Ukraine crisis. In the event of a Russian military action, however, the G7 is ready to take the consequences.
Germany currently holds the G7 presidency. Federal Finance Minister Christian Lindner emphasized that “it doesn’t often happen that the G7 make statements on current diplomatic issues. Now it’s necessary.” Russia must be clear “that the G7 countries would react quickly and harshly to a violation of international law, to a violation of Ukraine’s borders,” said Lindner.
The G7 finance ministers made a “contribution to de-escalation: On the one hand, by backing Ukraine. We will ensure financial stability.” On the other hand, it’s about “that we let the Kremlin know that we would resolutely defend the borders together from a financial point of view,” said Lindner. In the event of escalation, there would be “a sanction that would also be felt in the financial area for Russia.”
According to Western sources, Russia has massed more than 100,000 soldiers on the border with Ukraine in recent months. The US government has repeatedly warned that Russia could attack the neighboring country “at any time”.
Kremlin: Moscow would prefer not to join NATO
The Kremlin has denied any plans to attack, saying that if Ukraine abandoned its desire for NATO membership, it would help ease the tension. “A somehow documented rejection by Ukraine (…) would certainly be a step that would go a long way toward formulating a more meaningful response to Russia’s concerns,” Kremlin spokesman Dmitry Peskov said Monday, according to the Interfax news agency. He was reacting to statements by the Ukrainian ambassador to Great Britain, who had brought up a possible renunciation by Kiev of membership in the military alliance, but later described this on the BBC as a “misunderstanding”.
In 2019, Ukraine had enshrined NATO accession as a goal in the country’s constitution. Observers believe that turning away from this cannot be enforced domestically. Russia is demanding binding security guarantees from the West and wants to prevent the neighboring country from joining the western military alliance. NATO has already rejected this demand in a written reply, citing states’ free choice of alliances.
According to Peskov, Russian President Vladimir Putin wants to hold talks with Russian Foreign Minister Sergei Lavrov and Defense Minister Sergei Shoigu this Monday.