The G7 countries are ready to impose sanctions that will lead to "rapid and large-scale consequences" for the Russian economy. European Commission Vice President Valdis Dombrovskis published a statement to this effect on Twitter.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Strong <a href="https://twitter.com/hashtag/G7?src=hash&amp;ref_src=twsrc%5Etfw">#G7</a> support for Ukraine:<br><br>We are united in our resolve to protect the sovereignty, territorial integrity and economic and financial stability of Ukraine. <a href="https://twitter.com/hashtag/StandWithUkraine?src=hash&amp;ref_src=twsrc%5Etfw">#StandWithUkraine</a><br><br> <a href="https://t.co/nsxoU2v7Ja">https://t.co/nsxoU2v7Ja</a> <a href="https://t.co/kzfFnuz6d2">pic.twitter.com/kzfFnuz6d2</a></p>&mdash; Valdis Dombrovskis (@VDombrovskis) <a href="https://twitter.com/VDombrovskis/status/1493150796871000065?ref_src=twsrc%5Etfw">February 14, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

"The build-up of Russian military force near Ukraine's borders, which continues, is of serious concern. We, the G7 finance ministers, note on our readiness to act quickly and decisively to support the Ukrainian economy. We are ready to collectively impose economic and financial sanctions that will have widespread and swift consequences for the Russian economy," the statement said.