Representatives from the world’s seven wealthiest nations unilaterally promised to take steps that have the potential to cripple Russia’s economy. The move came as Western military leaders addressed the recent presence of the Russian Air Force in Ukrainian airspace.
"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 G7 said.
According to the White House, each of the G7’s member nations will determine specific economic targets that “will be coordinated and complementary, but not necessarily identical.” President Obama said the U.S. is "prepared for the sort of sectoral sanctions that would have even larger consequences," such as sanctions against Russia's energy or defense sectors.
Meanwhile the Pentagon confirmed that in the last 24 hours Russian aircrafts were spotted violating Ukranian borders. As of Saturday, Defense Department officials are providing no details about the specific location of the incursions.
The already tense relations between Russia and the global community is worsening on the heels of Russian troops conducting military exercises within a kilometer of the Ukrainian border. Ukrainian Prime Minister reacted to the posturing by publicly accusing Russian President Vladimir Putin of “[wanting] to start ‘World War III.”