Updated at 13:48,15-08-2017

G7 countries to boycott Sochi summit over Russias intervention in Ukraine

Belsat

G7 countries hold that bringing Russian troops into Crimea is nothing but clear violation of the sovereignty and territorial integrity of Ukraine.

We, the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States and the President of the European Council and President of the European Commission, join together today to condemn the Russian Federations clear violation of the sovereignty and territorial integrity of Ukraine, in contravention of Russias obligations under the UN Charter and its 1997 basing agreement with Ukraine, their statement says.

As Russias actions in Ukraine also contravene the principles and values on which the G-7 and the G-8 operate they have decided for the time being to suspend their participation in activities associated with the preparation of the scheduled G-8 Summit in Sochi in June, the signers stress.

We will support Ukraines 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 reads.