BANFF, Canada: G7 finance ministers agreed Thursday to 鈥渕aximize pressure鈥� on Russia, including through further sanctions, if it resists efforts toward a ceasefire in Ukraine.

鈥淚f such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions,鈥� a final communique following the group鈥檚 meeting in Canada said.

Diplomatic efforts to end the conflict have stepped up in recent weeks, with Russian and Ukrainian officials holding their first face-to-face talks in more than three years last week in Istanbul.

But the Kremlin said Thursday that new peace talks with Ukraine had 鈥測et to be agreed,鈥� disputing reports the two nations would soon hold negotiations at the Vatican.

US President Donald Trump spoke with Russian counterpart Vladimir Putin on Monday in a call aimed at ending the 鈥渂loodbath,鈥� but neither his contact nor the earlier talks in Istanbul resulted in Russia offering any concessions.

The communique from the Group of Seven advanced economies condemned 鈥淩ussia鈥檚 continued brutal war against Ukraine鈥� and said any entity that supported Russia during the conflict would be barred from Ukrainian reconstruction contracts.

鈥淲e agree to work together with Ukraine to ensure that no countries or entities, or entities from those countries that financed or supplied the Russian war machine will be eligible to profit from Ukraine鈥檚 reconstruction,鈥� it said.