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Western leaders voicing their opposition to Russia's intrusion in Crimea

FXStreet (Łódź) - On Wednesday G7 officials issued a statement in which they condemned Russia's intrusion into the Ukrainian region of Crimea, saying that the outcome of the referendum on whether the peninsula should become part of Russia would not be recognized as it violates the Ukrainian constitution.

The leaders of the Group of Seven developed nations said in the official document that they “condemn the Russian Federation’s clear violation of the sovereignty and territorial integrity of Ukraine, in contravention of Russia’s obligations under the UN Charter and its 1997 basing agreement with Ukraine.”

The G7 leaders called for a peaceful resolution of the situation in Crimea, through direct negotiations or international mediation. Furthermore, they suspended their “participation in activities associated with the preparation of the scheduled G-8 Summit in Sochi in June, until the environment comes back where the G-8 is able to have meaningful discussion” and offered their support in talks with the IMF on the conditions of the aid program for Ukraine.

German Chancellor Angela Merkel, who traveled to Warsaw on Wednesday, said that the EU would push for signing the association agreement with Ukraine at the summit next week. She also suggested that if by that time Russia hadn't established a “contact group” to seek a diplomatic solution for the Ukraine crisis, more severe sanctions would follow.

"Almost a week ago we said if that wasn't successful within a few says we'd have to consider a second stage of sanctions," Merkel said. "Six days have gone by since then and we have to recognize, even though we'll continue our efforts to form a contact group, that we haven't made any progress."

Meanwhile, French President François Hollande told Vladimir Putin on Wednesday that the annexation of Crimea by Russia would be “unacceptable,” and that the referendum, which is to take place this Sunday had no legal basis. Finally, both leaders agreed to continue the talks on Ukraine next week.

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