G7: Severe consequences for Russia if it attacks Ukraine

The Group of Seven most affluent democracies warned Russia of "severe consequences" if President Vladimir Putin attacks Ukraine, according to a draft statement obtained by Reuters.

At the summit in the city of Liverpool in northern England, G7 envoys said they were united in condemning Russia's military buildup near Ukraine and called on Moscow to de-escalate the situation.

"Russia should have no doubt that further military aggression against Ukraine would have severe consequences and a high price," the draft statement said, G7 sources confirmed.

Ukraine is at the center of the East-West crisis and accuses Russia of amassing tens of thousands of troops preparing for a possible large-scale military offensive.

Russia denies planning an attack and accuses Ukraine and the United States of destabilizing behavior, saying it needs security guarantees for its own protection.

The G7 group consists of Britain, France, Italy, Japan, Canada, and the United States, and includes representatives of the European Union.