(QHA) -

The leaders of the Group of Seven (G7) states have agreed to act quickly on the issue of the introduction of new sanctions against Russia because of its policy with regard to Ukraine, according to a G7 leaders statement published on the website of the White House, Ukrinform reports.

"We have now agreed that we will move swiftly to impose additional sanctions on Russia. Given the urgency of securing the opportunity for a successful and peaceful democratic vote next month in Ukraine's presidential elections, we have committed to act urgently to intensify targeted sanctions and measures to increase the costs of Russia's actions," reads the statement.

It notes that amid the condemnation of Moscow's actions by the international community and the existing sanctions have significantly affected the Russian economy, preparations are underway to move to new and broader coordinated sanctions.

G7 also expressed deep concern over Russia's strengthening support for separatists to destabilize the situation in east Ukraine and strongly condemned the annexation of Crimea.

However, G7 reminded Russia that the door remains open to a diplomatic resolution of this crisis, on the basis of the Geneva accord.