U.S. says G7 backs more sanctions if Russia escalates Ukraine crisis

WASHINGTON (Reuters) - A group of the world's leading rich nations will support increasing sanctions against Russia if Moscow escalates the crisis in Ukraine, U.S. Treasury Secretary Jack Lew said on Friday.

"There is broad and strong unity within the G7 on increasing sanctions and costs in response to escalating action from Russia," Lew said at a news conference, referring to the Group of Seven industrial nations.