G7 finance ministers said they would "increase pressure" on Russia, including toughening sanctions, if Moscow does not agree to a ceasefire in Ukraine.
After a three-day meeting in western Canada, ministers from the Group of Seven advanced economies said they had decided with Kiev that no country that had "financed or supplied the Russian war machine" could participate in the "reconstruction of Ukraine."
In the same statement, they assessed that economic policy uncertainty has been reduced.
"We will work together to achieve further progress," they added in a joint statement.
The Group of Seven developed economies consists of the United States, Japan, Germany, Great Britain, France, Italy and Canada.
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