G7 finance ministers have warned that Russia will face further sanctions if it refuses to agree to a ceasefire in Ukraine.

In a joint statement issued after their meeting, the ministers stated that they will study all feasible steps to intensify pressure on Russia. They confirmed that Russian sovereign assets would be frozen until the war is finished and Russia pays reparations to Ukraine, Al Jazeera reported.

The G7, comprised of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, also agreed that any party that supported Russia's military effort would be barred from participating in Ukraine's future reconstruction. The group reiterated its commitment to holding Russia accountable for the ongoing conflict and the harm it has inflicted in Ukraine.