G7 to impose new sanctions against Russia Friday April 25,2014

The United States and other nations in the Group of Seven agreed Friday April 25,2014  to “move swiftly” to impose additional economic sanctions on Russia in response to its actions in Ukraine.

In a joint statement released Friday night by the White House, the G—7 nations said they will act urgently to intensify “targeted sanctions.” The statement said the G—7 will also continue to prepare broader sanctions on key Russian economic sectors if Moscow takes more aggressive action. 

The White House said U.S. sanctions could be levied as early as Monday April 28,2014

The announcement came as top Ukrainians spoke of imminent invasion and Moscow said that pro—Russian separatists would not lay down their arms in eastern Ukraine until activists relinquish control over key sites in Kiev. 

The G—7 nations said they were moving forward on the targeted sanctions now because of the urgency of securing plans for Ukraine to hold presidential elections next month.

The penalties are expected to target wealthy Russian individuals who are close to President Vladimir Putin, as well as entities they run.

Note
Group of 7 (G7)is a group consisting of the finance ministers and central bank governors of seven advanced economies -Canada,France,Germany,Italy,Japan,UK and USA