G7 powers commit to imposing new sanctions on Russia

SEOUL: The Group of Seven rich countries have agreed that they will impose new sanctions on Russia over the crisis in Ukraine, a statement said Saturday, with a senior US official saying they could come as early as Monday.

"We have now agreed that we will move swiftly to impose additional sanctions on Russia," a joint statement said.

"Given the urgency of securing the opportunity for a successful and peaceful democratic vote next month in Ukraine´s presidential elections, we have committed to act urgently to intensify targeted sanctions and measures to increase the costs of Russia´s actions."

The statement praised the "restraint" with which the new government in Kiev had acted in dealing with the pro-Russian gunmen who have seized official buildings in the east of Ukraine.

"In contrast, Russia has taken no concrete actions in support of the Geneva accord."

It has not publicly supported the accord, nor condemned the acts of pro-separatists seeking to destabilise Ukraine, nor called on armed militants to leave peacefully the government buildings they´ve occupied and put down their arms."

Instead, it has continued to escalate tensions by increasingly concerning rhetoric and ongoing threatening military manoeuvres on Ukraine´s border.

"We reiterate our strong condemnation of Russia´s illegal attempt to annex Crimea and Sevastopol, which we do not recognise. "We will now follow through on the full legal and practical consequences of this illegal annexation, including but not limited to the economic, trade and financial areas." (AFP)