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G-7 leaders warns Russia of more sanctions

Russian President Vladimir Putin attends a government meeting on the Russian economy, in Moscow.
Sasha Mordovets | Getty Images
Russian President Vladimir Putin attends a government meeting on the Russian economy, in Moscow.

The United States and European leaders say they're prepared to intensify sanctions against Russia unless it moves to de-escalate the crisis in Ukraine.

The Group of Seven world leaders say in a statement that Russia hasn't changed course despite the downing of a Malaysia Airlines jet. They're calling the downing a watershed and say it should have led Russia to stop the flow of weapons and militants from Russia into Ukraine.

Read MoreNew sanctions for Russia—here's where they'll hurt

The leaders say they have "grave concern" about Russia's actions. They say if Russia chooses de-escalation, the sanctions will be removed, but will otherwise be stepped up.

The statement comes the day after the U.S. and the European Union announced new economic sanctions on Russia.

The Group of Seven was re-arranged earlier this year to exclude Russia.

— The Associated Press

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