The G7, which met on the sidelines of the 2014 Nuclear Security Summit in the Hague, announced its readiness to "intensify" its sanctions against Russia, should the Ukrainian crisis escalate further.
"We remain ready to intensify actions including coordinated sectoral actions that will have an increasingly significant impact on the Russian economy, if Russia continues to escalate this situation," they said in a joint statement.
The sides discussed the West's energy policy and agreed to instruct their energy ministers to formulate measures intended to help reduce Western countries' dependence on oil and natural gas exports from Russia.
The G7 also asked the International Monetary Fund to accelerate the process of concluding a financial aid agreement with Ukraine.
U.S. President Barack Obama told reporters after the meeting that "Europe and America are united in our support of the Ukrainian government and the Ukrainian people."
"We are united in imposing a cost on Russia for its actions so far," Obama said.
The G7 includes the United States, Germany, France, the United Kingdom, Italy, Japan and Canada.
The heads of state and government of European Union member countries decided that the EU would not take part in its summit with Russia in the Black Sea resort of Sochi on June 3 because of Moscow's stance on Crimea.
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