TOKYO, March 1 ― Japan and the United States pledged today to work together to force Russia to "pay the high price” for its invasion of Ukraine, Finance Minister Shunichi Suzuki said today.

Speaking shortly after his online talks with US Treasury Secretary Janet Yellen, Suzuki said both sides agreed to continue to coordinate with each other in acting against Russia, which invaded neighbouring Ukraine on February 24.

The fact that Russian central bank raised interest rates showed that sanctions were having an impact, he added.

Yellen pledged to work closely with Japan and other G7 wealthy democracies to isolate Russia from the global financial system and "impose maximum costs” on Moscow, the US Treasury said in a statement after her call with Suzuki.

G7 finance ministers are due to meet virtually today to discuss the financial sanctions against Russia.

"Secretary Yellen highlighted the force of the unprecedented and coordinated measures from the US and its partners and allies, including Japan, and welcomed Japan’s recent action towards the Central Bank of Russia and intention to take action against Belarus,” the Treasury said in a statement. ― Reuters