Finance ministers from the Group of Seven (G7) nations said on Monday that they are prepared to impose “massive” economic sanctions on Russia should it attack Ukraine.

They called the Russian build-up of forces on Ukraine’s borders “a cause for grave concern” and that should a military invasion proceed as the West fears, then there would be a rapid impact on Russia.

“We reiterate that in particular any further military aggression by Russia against Ukraine will be met with a swift, coordinated and forceful response,” they wrote in a joint statement.

“We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy,’’ they added.

Top U.S. officials said in recent days that intelligence suggests Russia could be planning to invade Ukraine “at any time.” Washington now puts the number of Russian troops amassed near its neighbour at 130,000.

The G7 promised to continue its “significant financial support” to Ukraine. The G7, along with the International Monetary Fund, has provided Kyiv with 48 billion dollars since 2014, the statement said.

The U.S. and its NATO allies charge that Russia was preparing a renewed attack on Ukraine, following the 2014 annexation of Crimea, an accusation that Russia rejects and calls “scaremongering.”

France, Germany, Italy, Japan, the U.S., Britain, and Canada form the G7. The rotating presidency is currently held by Germany.

(dpa/NAN)