Leaders of the G7 group of advanced economies told Russia on March 12 it risked facing international action unless it stops its moves toward the "annexation" of Crimea, as U.S. President Barack Obama prepared to host Ukraine's prime minister at the White House. A statement from the seven nations released from the White House says a referendum on joining Russia, scheduled for this weekend, "would have no legal effect" and they won't recognize its results. It said Russia must "cease all efforts to change the status of Crimea."
The statement from the leaders of Canada, France, Germany, Italy, Japan, Britain and the United States -- along with the European Council and the European Commission -- said "further action, individually and collectively," will be taken against Russia if it proceeds with what it called the "annexation" of Crimea.
The statement did not elaborate on the nature of the action Russia was facing. But earlier Wednesday, European Commission President Jose Manuel Barroso told the European Parliament in Strasbourg that such action would have "far-reaching" effects.
"If meaningful negotiations do not begin within the next days and produce results within a limited time frame, this will trigger additional measures," Barroso said. "And a further deterioration of the situation could lead to far-reaching consequences, which, I sincerely hope, can be avoided."
Barroso also said the 28-nation bloc will discuss next week an additional $1.39 billion in assistance for Ukraine.
"I can announce the [European] Commission will propose next week, the 19th of March, a macro-financial assistance of an additional 1 billion euros," Barroso said. "This amount will bring our total macro-financial assistance to 1.6 billion [euros]."
Meanwhile, Obama is due to hold high-profile talks later on March 12 with Ukrainian Prime Minister Arseniy Yatsenyuk in Washington.
In a strong show of support, Obama will greet Yatsenyuk in the Oval Office -- a symbol of U.S. power -- like any other foreign leader. Russia does not recognize the legitimacy of Ukraine's new government.
The White House said Obama would also discuss an economic support package for Ukraine that has already seen Washington pledge more than $1 billion.
Earlier on March 12, Ukraine's acting President Oleksandr Turchynov said Russia has refused "all contacts at the foreign ministry and top government level" with Ukraine and is "rejecting a diplomatic solution to the conflict."
Turchynov, however, told the French news agency AFP that heavily outnumbered Ukraine would not go to war with Russia over Crimea, as it would leave the country's eastern border exposed and unprotected.
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Reported by Business Insider 9 hours ago.