Russia's continued increase in military presence near the Ukrainian border is a matter of serious concern. We, the G7 finance ministers, emphasize our readiness to act quickly and decisively to support the Ukrainian economy.

Axar.az reports that this was stated in a statement issued by the G7 finance ministers on the economic consequences for Russia.

"Any further Russian military aggression against Ukraine will be met with a rapid, coordinated and willful response.

We are ready to collectively apply large-scale economic and financial sanctions for the Russian economy, which will have immediate results," the ministers said in a joint statement.