The United States and other nations in the Group of Seven say they have agreed to "move swiftly" to imposed additional economic sanctions on Russia in response to its actions in Ukraine.
In a joint statement released Friday night by the White House, the G-7 nations say they will act urgently to intensify "targeted sanctions".
The statement says that the G-7 will also continue to prepare broader sanctions on key Russian economic sectors if Moscow takes more aggressive action.
The White House says U.S. sanctions could be levied as early as Monday.
The G-7 nations say they are moving forward on the targeted sanctions now because of the urgency of securing plans for Ukraine to hold presidential elections next month.