WRAPUP 5-G7 warns Russia of more sanctions if Ukraine crisis escalates

Mon Mar 24, 2014 7:51pm EDT
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(Adds U.S. Senate action, Ukraine U.N. draft resolution, paragraphs 13-14, 29-31)

* G7 leaders to hold own summit instead of going to Sochi

* Kiev tells troops to leave Crimea after Russians take another base

* Shooting reported as Russians storm Ukrainian landing ship

* Europeans wary of sanctions, fear for own economies

By Steve Holland and Aleksandar Vasovic

THE HAGUE/FEODOSIA, Crimea, March 24 (Reuters) - U.S. President Barack Obama and major industrialised allies warned Russia on Monday it faced damaging economic sanctions if President Vladimir Putin takes further action to destabilise Ukraine following the seizure of Crimea.

Leaders of the Group of Seven nations, meeting without Russia, agreed to hold their own summit this year instead of attending a planned G8 meeting in the Russian Olympic venue of Sochi, along the Black Sea coast from Crimea, and to suspend their participation in the G8 until Russia changes course.

On a day when Kiev ordered its remaining troops to withdraw from Crimea and Russian forces captured a Ukrainian marine base and a landing ship in the region, leaders of the United States, Germany, France, Britain, Italy, Japan and Canada condemned what they called "Russia's illegal attempt to annex Crimea in contravention of international law".   Continued...