The Group of Seven (G7) nations have warned Russia that they will impose expanded sanctions unless Moscow backs a ceasefire in Ukraine. The warning comes as tensions between the two sides continue to escalate. According to reports, US President Joe Biden has threatened a trade war if Russia fails to comply with the demands. The G7 statement calls for an immediate end to hostilities and withdrawal of Russian troops from Ukrainian territory. If Russia refuses, it is likely that further economic penalties will be imposed, including freezing assets and restricting access to international markets. The move is seen as a significant escalation in the conflict, with potential implications for global trade and economic stability.
Source: https://www.ft.com/content/873d5289-637e-4819-9fa1-bf4c105ddb03