MOSCOW, February 14. /TASS/. Countries of the Group of Seven (G7) are ready to introduce sanctions against Moscow leading to ‘massive’ economic consequences in case of Russian invasion of Ukraine, G7 finance ministers said in a statement posted on Monday on the website of the UK government.

"We are prepared to collectively impose economic and financial sanctions which will have massive and immediate consequences on the Russian economy," the statement says. "Any further military aggression by Russia against Ukraine will be met with a swift, coordinated and forceful response," ministers said.

"The ongoing Russian military build-up at Ukraine’s borders is a cause for grave concern. We, the G7 Finance Ministers, underline our readiness to act swiftly and decisively to support the Ukrainian economy," the joint statement said.

The West and Kiev have recently been spreading allegations about Russia’s potential ‘invasion’ of Ukraine. Kremlin Spokesman Dmitry Peskov castigated these claims as "empty and unfounded", serving as a ploy to escalate tensions, pointing out that Russia did not pose any threat whatsoever to anyone. However, Peskov did not rule out the possibility of provocations aimed at justifying such allegations and warned that attempts to use military force to resolve the crisis in southeastern Ukraine would have serious consequences.