G7 willing to step up sanctions on Russia over Ukraine

5 June 2014 08:27

The world's leading industrialised nations threatened on Wednesday to impose harder-hitting sanctions on Russia if it does not help restore stability to eastern Ukraine, where pro-Russian militias continue to operate at will, Reuters reported.

"We stand ready to intensify targeted sanctions and to consider significant additional restrictive measures to impose further costs on Russia should events so require," the G7 said in a statement after evening talks in Brussels.

"We cannot afford a further destabilisation in Ukraine,"- German Chancellor Angela Merkel told reporters.

"If we do not have progress in the questions we have to solve there is the possibility of sanctions, even heavy sanctions of phase 3 on the table," she said, referring to restrictions on trade, finance and energy”- she added.