WASHINGTON (AP) — Treasury Secretary Jacob Lew is warning Russia that it could face tougher economic sanctions because of its actions in Ukraine but so far other economic powers are showing a reluctance to go as far as the United States.
Lew delivered his warning Thursday to Russian Finance Minister Anton Siluanov, telling him that the Obama administration was willing to impose "additional significant sanctions" if Russia escalates the Ukraine situation. Treasury said in a statement that Lew described Russia's annexation of Crimea as "illegal and illegitimate."
Lew met Siluanov in advance of talks between finance ministers and central bank presidents of the Group of Seven major economic powers and a broader Group of 20, which includes the traditional powers and emerging economies such as China, Brazil and India.
Lew's tough language did not find its way into a joint statement from the G-7, and there was no hint that sanctions against Russia might be strengthened.
Instead, the G-7 statement said the major economic powers had discussed "the situation in Ukraine, its financing needs and the international response."
It was expected that Russia also would be spared any criticism in the G-20 communique, which was scheduled to be issued at the end of the G-20 talks Friday.
Russia is a member of the G-20 but not the G-7. The G-7 nations are the United States, Japan, Germany, Britain, France, Canada and Italy.
Last month, President Barack Obama met with other G-7 leaders, and the group confirmed that it was indefinitely suspending cooperation with Russia, which for more than a decade had joined with the G-7 countries to form the Group of Eight nations. That larger group was to hold a summit later this year in Sochi, Russia. But the G-7 nations have said they will boycott that meeting.
French Finance Minister Michel Sapin told reporters Thursday before the discussions began that France preferred to focus on the economic support being provided to Ukraine. That effort is being led by the International Monetary Fund, which says it will provide up to $18 billion in loan guarantees to Kiev to help the country get its economy moving again.