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G7 threatens sanctions with ‘tremendous consequences’ on Russia

“Our immediate priority is to support efforts to defuse the crisis,” the finance ministers of the United States, the United Kingdom, France, Canada, Germany, Italy and Japan announced in a statement.

But the Group of Seven, chaired by Germany this year, vowed that “any new Russian military aggression against Ukraine will be met with a quick and effective response.”

German Chancellor Olaf Scholz is expected to arrive in Kiev on Monday and then in Moscow on Tuesday to continue diplomatic efforts aimed at defused the threat of a Russian invasion of Ukraine, while tensions with Russia reached a peak.

This escalation, which is described as the worst crisis in Europe since the end of the Cold War, negatively affected, on Monday, European financial markets worried about an imminent military attack.

European stock exchanges from Milan to Paris through Frankfurt lost more than 3 percent with the start of trading sessions.

The main index on the Moscow Stock Exchange also fell by 5 percent, on Monday, while the ruble lost its value against the euro.

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