Tuesday, March 25, 2014

G7 Warns Russia of Sanctions over Ukraine

Leaders of the Group of Seven economies have warned Moscow it faced damaging economic sanctions in the event of further escalation of the crisis in Ukraine following Crimea’s reunification with Russia. Russia’s Foreign Ministry said holding talks with Russia while threatening with sanctions was inappropriate and counterproductive. Foreign Minister Sergei Lavrov said he hoped the West was aware that such pressure would have no effect. "We remain ready to intensify actions including coordinated sectoral sanctions that will have an increasingly significant impact on the Russian economy, if Russia continues to escalate this situation," G7 leaders said in a joint statement. Russia’s Deputy Foreign Minister criticized the US sanctions saying they reflect Washington’s reluctance to accept reality and its desire to impose on everyone its “one-sided, unbalanced and irrelevant approaches. “


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