G7 threatens further sanctions against Russia over Ukraine

The group of the world’s leading industrialized nations has threatened to impose new sanctions against Russia over its stance on Ukraine, according to a G7 statement released on Thursday.

“We stand ready to intensify targeted sanctions and to implement significant additional restrictive measures to impose further costs on Russia should events so require,” says the statement adopted after a summit of the G7 heads of state and governments in Brussels on Wednesday.

The summit confirmed the willingness of G7 countries to impose sanctions “on individuals and entities who have actively supported or implemented the violation of Ukraine’s sovereignty and territorial integrity.”

The G7 leaders urged Russia to recognize the results of Ukraine’s May 25 presidential elections, in which candy-making billionaire Petro Poroshenko emerged as the winner.

“We urge the Russian Federation to recognize the results of the election, complete the withdrawal of its military forces on the border with Ukraine, stop the flow of weapons and militants across the border and to exercise its influence among armed separatists to lay down their weapons and renounce violence,” the statement said.

The G7 countries called on Russia to meet the commitments under the Geneva accords on Ukraine and “cooperate with the government of Ukraine as it implements its plans for promoting peace, unity and reform.”

The statement urged the Ukrainian authorities to maintain “a measured approach” in pursuing its use-of-force operation in the east of the country and called upon all illegal armed groups in Ukraine to disarm.

The G7 leaders said they fully supported the efforts by the Organization for Security and Cooperation in Europe (OSCE) for the deescalation of the crisis in Ukraine.

The G7 countries commended “the willingness of the Ukrainian authorities to continue the national dialogue in an inclusive manner” and welcomed the Memorandum of Peace and Unity adopted by the Verkhovna Rada on May 20.

“We also encourage the Ukrainian parliament and the Government of Ukraine to continue to pursue constitutional reform in order to provide a framework for deepening and strengthening democracy and accommodating the rights and aspirations of all people in all regions of Ukraine,” the G7 statement said.