G7 warns Russia of more sanctions if Ukraine crisis escalates
Published on Mar 25, 2014 5:11 AM
THE HAGUE/FEODOSIA (REUTERS) - US President Barack Obama and major industrialised allies warned Russia on Monday it faced damaging economic sanctions if President Vladimir Putin takes further action to destabilise Ukraine following the seizure of Crimea.
Leaders of the Group of Seven, meeting without Russia, agreed to hold their own summit this year instead of attending a planned G8 meeting in the Russian Olympic venue of Sochi, along the Black Sea coast from Crimea, and to suspend their participation in the G8 until Russia changes course.
On a day when Kiev ordered its remaining troops to withdraw from Crimea and Russian forces used force to capture a marine base and a landing ship, leaders of the United States, Germany, France, Britain, Italy, Japan and Canada condemned what they called "Russia's illegal attempt to annex Crimea in contravention of international law".
They also agreed to work together to reduce their dependence on Russian oil and gas.
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