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Their call for financial and other measures against individuals "responsible for violence" in Zimbabwe marks a change of stance for Russia.
The G8 also called for a special UN Security Council envoy to report on the situation in Zimbabwe and help mediate.
African leaders earlier told the G8 they opposed sanctions on Zimbabwe.
South Africa's President Thabo Mbeki, the chief regional negotiator on Zimbabwe who has been urging a unity government, reportedly told G8 leaders that UN sanctions could lead to civil war.
"I said that sanctions... wouldn't change the regime," Senegal's leader, Abdoulaye Wade, told AFP news agency.
Zimbabwean President Robert Mugabe won re-election after the opposition Movement for Democratic Change (MDC) pulled out of a June run-off presidential vote, citing state-sponsored violence.
Violence
Tuesday's announcement by leaders of the G8 group of industrialised nations followed a change of position from Russia, which had previously refused to support such sanctions.
"We will take further steps, inter alia introducing financial and other measures against individuals responsible for violence {in Zimbabwe}," the statement said, quoted by Reuters news agency.
The BBC's James Robbins in Hokkaido, Japan, says the G8 has said it does not accept the legitimacy of a government that does not reflect the will of the Zimbabwean people.
The move comes against strong opposition from several African leaders, including Mr Mbeki, our correspondent says.
By calling for a UN representative to be involved in the mediation process, the G8 leaders are making it clear that they do not think Mr Mbeki's efforts have been adequate, he says.
Diplomats say they expect a sanctions package to be presented to the United Nations by the weekend and that Russia will not oppose the measures, our correspondent adds.
The US and UK have been pushing for the UN Security Council to tighten targeted sanctions this week.
'Interference'
On Monday, Tanzanian President Jakaya Kikwete, who also heads the African Union, said African leaders favoured some sort of power-sharing government.
Meanwhile, the opposition MDC has denied reports it is ready to resume talks with the government.
The party says 5,000 of its members are missing and more than 100 of its supporters have been murdered since a first round of elections in March.
The African Union last week ignored calls to condemn Mr Mugabe's re-election in last month's second round of voting and called for a power-sharing government to be set up.
The Zimbabwean government blames interference from Western countries for delaying a solution to the country's political impasse.
"It is the UK that is pushing for sanctions, but isolating and demonising Zimbabwe is not in the best interests of anyone. They should treat Zimbabwe as a partner rather than an enemy," South Africa's News24 website quotes Zimbabwe's Deputy Information Minister Bright Matonga as saying.
(BBC)
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