Focus falls on escalating energy costs this week as G7 warns Russia over Ukraine

"We call on Russia to de-escalate, pursue diplomatic channels, and abide by its international commitments on transparency of military activities," G7 ministers stated.

Russian president Vladimir Putin has denied any intention to invade Ukraine. Picture: Mikhail Metzel, Sputnik, Kremlin Pool Photo via AP

Foreign ministers from the Group of Seven nations today warned Russia to de-escalate its activities around Ukraine or face “massive consequences”.

In a joint statement, the ministers said they were “united in our condemnation of Russia’s military build-up and aggressive rhetoric towards Ukraine”.