Statement from White House Press Secretary Jen Psaki:
The President and G7 Leaders reaffirmed their resolve to respond swiftly to President Putin’s unprovoked and unjustified attack on Ukraine and expressed their solidarity with the people of Ukraine. The Leaders built on their months-long coordination and agreed to move forward on devastating packages of sanctions and other economic measures to hold Russia to account. The G7 makes up the world’s leading democracies and 50% of the world’s economy—and the costs the G7 will impose together on Russia will be unprecedented. As a result of Putin’s choices, Russia will now face immediate and intense pressure on its economy and massive costs from its isolation from the global financial system, global trade, and cutting-edge technology. The Leaders also agreed to intensify ongoing efforts to mitigate any spillover effects from Russia’s actions and to secure stability in global energy markets. President Biden conveyed his thanks to German Chancellor Olaf Scholz for bringing all the Leaders together in this critical moment.