G7 condemns Russia's action in Ukraine, halts G8 preparations

They said that Russia's actions in Ukraine contravene the principles and values on which the G7 and the G8 operate

Condemning Russia's intrusion into Ukraine, G7 countries have decided to halt their participation in preparations of the scheduled G8 summit in Sochi in June.

"We note that Russia's actions in Ukraine also contravene the principles and values on which the G7 and the G8 operate. As such, we have decided for the time being to suspend our participation in activities associated with the preparation of the scheduled G8 Summit in Sochi in June, until the environment comes back where the G8 is able to have meaningful discussion," G7 leaders said in a statement.

Leaders of Canada, France, Germany, Italy, Japan, UK and US along with president of the European Council and president of the European Commission condemned the Russian Federation's clear violation of the sovereignty and territorial integrity of Ukraine in contravention of Russia's obligations under the UN Charter and its 1997 basing agreement with Ukraine, the statement issued by the White House said.

"We call on Russia to address any ongoing security or human rights concerns that it has with Ukraine through direct negotiations, and/or via international observation or mediation under the auspices of the UN or the Organisation for Security and Cooperation in Europe. We stand ready to assist with these efforts," it said.

"We also call on all parties concerned to behave with the greatest extent of self-restraint and responsibility, and to decrease the tensions," the G7 countries said.

United in supporting Ukraine's sovereignty and territorial integrity, and its right to choose its own future, the G7 leader's committed themselves to support Ukraine in its efforts to restore unity, stability, and political and economic health to the country.

"To that end, we will support Ukraine's work with the International Monetary Fund to negotiate a new program and to implement needed reforms. IMF support will be critical in unlocking additional assistance from the World Bank, other international financial institutions, the EU, and bilateral sources," the statement said.