G7 finance ministers expressed concern over the Ukraine crisis in a joint statement, underlining a readiness to support the Ukrainian economy and urgently identifying a diplomatic path towards de-escalation.

"However, we reiterate that, in particular, any further military aggression by Russia against Ukraine will be met with a swift, coordinated and forceful response. We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy," it added.