G7 moves to place sanctions on Russia 'swiftly'

In a joint statement released Friday night by the White House, the Group of Seven major economies say they will act urgently to intensify 'targeted sanctions.'

By Reuters | Apr. 26, 2014 |

The leaders of the Group of Seven major economies agreed on Saturday to swiftly impose further sanctions on Russian individuals over the Ukraine crisis, and the United States could unveil its new punitive measures as early as Monday, officials said.

A senior U.S. official said each G7 country would decide which targeted sanctions to implement and while the measures would be coordinated they would not necessarily be identical.

The new sanctions are intended to punish Russia for failing to comply with an international agreement to help defuse the Ukraine crisis, according to a statement from G7 leaders released by the White House while President Barack Obama was on a visit to South Korea.

"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," the statement said.

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