G7 leaders announced Friday that they will be imposing additional sanctions on Russia over the ongoing crisis in Ukraine.

According to a statement released by the White House, "Russia has taken no concrete actions" to comply with the Geneva Accord but instead has continued to escalate tensions with "increasingly concerning rhetoric and ongoing threatening military manoeuvres on Ukraine's border." 

"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," the statement said.

The statement, released as U.S. President Barack Obama was on a visit to South Korea, said the G7 will move to "broader, co-ordinated sanctions, including sectoral measures should circumstances warrant." It didn't specify what those measures will be.

A senior U.S. official said each G7 country will determine which targeted sanctions they will impose, and that the sanctions will not necessarily be identical. The official said U.S. sanctions on Russia could come as early as Monday.

Despite that, the statement said the G7 is still open to a diplomatic solution on the basis of the Geneva accord and urges Russia "to join us in committing to that path."

With files from Reuters