Leaders of the G7 advanced economies will release a statement later Wednesday calling on Russia to halt efforts to annex Ukraine's Crimea region.

The statement, to be released at 13:00 GMT, "will leave no doubt about the determination of the G7," European Commission President Jose Manuel Barroso said Wednesday in a speech to the European Parliament.

"We call on the Russian Federation to cease all efforts to annex Ukraine's Autonomous Republic of Crimea," Barroso stressed.

Officials from several EU member states, among which the UK, France and Germany, met in London on Tuesday with counterparts from the US, Turkey and other allies to discuss their further steps, which may include asset freezes and travel bans on Russian officials.

Lack of progress in talks with Russia "could trigger more measures" by the EU with far-reaching consequences, EC President Barroso said.

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