The foreign ministers unite in condemning Moscow’s military build-up and aggressive rhetoric.
Foreign ministers from the Group of Seven nations on Sunday warned Russia to de-escalate its activities around Ukraine or face “massive consequences.” In a joint statement, the ministers said they were “united in our condemnation of Russia’s military build-up and aggressive rhetoric towards Ukraine.” “We call on Russia to de-escalate, pursue diplomatic channels, and abide by its international commitments on transparency of military activities,” the ministers said in the statement after a meeting in Liverpool, England. While President Biden seeks to strengthen diplomatic pressure and pump up the rhetoric, options for squeezing the Kremlin financially, economically and militarily face their own challenges. The G-7 statement didn’t spell out which consequences Russia might face. The U.S. and European allies are weighing sanctions targeting Russia’s biggest banks and its foreign exchange access, people familiar with the matter said last week. Yet banning Russia’s access to the Swift payments system would harm ordinary citizens, so officials are more inclined to go after its ability to convert rubles into Western currencies, the people said. Germany’s new government, which includes the Green party, has come under pressure to link the fate of the Nord Stream 2 pipeline to Russia backing off Ukraine.
