Sanctions would have 'massive' impact on Russia: G7 to Moscow

World powers on Monday warned Moscow that they stand ready to impose sanctions that would have a huge and immediate impact on Russia's economy, should it pursue any further military aggression against Ukraine.

"Our immediate priority is to support efforts to de-escalate the situation," finance ministers of the G7 group of most developed nations said in a statement.

However, if Moscow ramped up military action, the G7 warned that they "are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy."

More to follow...