Leaders of the G-7 announced late Friday night that it agreed to "move swiftly" to impose additional targeted sanctions against Russia, which could come as early as Monday.
In a joint statement released by the White House, the leaders said they have "committed to act urgently to intensify" the sanctions and measures "to increase the costs of Russia's actions.
"Russia's actions in Ukraine and the response from the international community already have imposed significant costs on its economy," the statement said.
The G-7 nations said they would prepare to impose "broader, coordinated sanctions including sectoral measures should the circumstances warrant." But they added that the door to a diplomatic resolution "remains open" with the Geneva accord.
"We urge Russia to join us in committing to that path," the statement from the leaders said.
The decision to impose targeted sanctions comes as Obama is in the middle of a week-long visit to Asia.
While the president has attempted to keep the focus on Asia during the trip, he has been dogged by questions about the response to Ukraine.