Leaders from the Group of Seven nations are set to hold a virtual meeting on Thursday at which they are expected to condemn Russia's aggression in Ukraine and discuss robust sanctions against Moscow.

The meeting will enable G7 leaders to coordinate their responses and urge Russia to prevent a further escalation of the crisis that has already jolted financial markets and posed a challenge to post-Cold War architecture.

G7 members, including this year's president Germany, had sought to persuade Russian President Vladimir Putin to find a diplomatic solution to the crisis as Russia earlier massed its troops near Ukraine's borders.