(QHA) -

Leaders of the world's most developed economies on Friday warned Russia of more sanctions unless all fighting stops in Ukraine and vowed to stand by the war-torn country as winter approaches.

"Sanctions are not an end in themselves; they can only be rolled back when Russia meets its commitments related to the ceasefire and the Minsk agreements and respects Ukraine's sovereignty," G7 leaders said after talks in New York.

"In case of adverse action, however, we remain ready to further intensify the costs on Russia for non-compliance," their statement said. 

The Group of Seven (G7) leading industrialized nations, however, has welcomed the Minsk agreements establishing a cease-fire in Ukraine as an "important opportunity" to find a political solution to the conflict.

In a statement on September 25, Britain, Canada, France, Germany, Italy, Japan, and the United States condemned violations of the September 5 cease-fire and called on Russia to withdraw all of its forces, weapons, and equipment from eastern Ukraine.

The G7 also commended Ukraine for passing legislation on amnesty and a "special status" for parts of the country's east and welcomed the ratification of a free-trade agreement with the European Union, some provisions of which are being delayed until the end of 2015.