Scholz warns Russia of consequences if it invades Ukraine

German Chancellor Olaf Scholz speaks to the media during a joint news conference with Danish Prime Minister Mette Frederiksen following talks at the Chancellery, in Berlin, Germany, February 9, 2022. Michele Tantussi/Pool via REUTERS

BERLIN (Reuters) -Chancellor Olaf Scholz warned Russia of "serious" economic and political consequences should it ramp up military aggression toward Ukraine, while adding that Germany and its allies were ready for dialogue with Moscow and wanted peace.

With Russia holding military exercises in Belarus and the Black Sea following its troop buildup near Ukraine, the stand-off has raised fears of a war in Europe, sending energy costs soaring across the continent, which relies on Russian gas supplies.