Leaders of the G-7 announced late Friday they had agreed to "move swiftly" to impose new sanctions against Russia over its continued role in the unrest in Ukraine.
A statement released by the White House said the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, the President of the European Council and the President of the European Commission "have now agreed that we will move swiftly to impose additional sanctions on Russia.
"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."
While not addressing any specific actions, the statement said, "We reiterate our strong condemnation of Russia's illegal attempt to annex Crimea and Sevastopol, which we do not recognize. 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."
Earlier Friday, Fox News confirmed new sanctions were expected to be announced Monday against Russian entities and individuals.
The G-7 statement follows Secretary of State John Kerry’s blunt charge Thursday night that Russia was not abiding by last week’s Geneva agreement to de-escalate the crisis in Ukraine, and his warning "if Russia continues in this direction, it will be not just a grave mistake, it will be an expensive mistake."
Earlier Reuters, quoting unidentified sources, said the European Union was expected to impose fresh sanctions at the same time and would name 15 previously unidentified individuals, focusing on those believed responsible for the Ukraine unrest. The sources said the U.S. list was expected to include “cronies” of Russian President Vladimir Putin.
Kerry laid the groundwork for more sanctions in his remarks Thursday, saying unless Russia changes course, "the world will make sure costs for Russia will only grow."
One week after Geneva, he said, Russia “has refused to take a single step in the right direction.”
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