Prime Minister Sanna Marin (SDP) on Saturday said all western companies must leave Russia.
Marin's comments came a day after Ukrainian President Volodomyr Zelensky addressed Finnish Finnish Parliament, telling MPs that Finland could suffer the same fate as Ukraine.
Marin said that in addition to providing financial and humanitarian aid to Ukraine, Finland was also prepared to send weapons.
She told Yle that Finland was ready to escalate sanctions against Russia.
"Finland supports tougher sanctions, including those covering energy policy," she explained, adding that rising energy prices would not deter sanctions.
"Every day people die in Ukraine. We have to make the war stop. We have to be prepared to be flexible in our own daily lives."
Quiet on Nato
Marin on Saturday still refused to reveal her personal stance on Nato, though she said that it was important for Finland to have security guarantees during any potential application process.
"There's no room for being blue-eyed. We have to do all we can to prevent war with Russia," she said.
While not offering any details on a Nato application timeline, Marin reiterated her position that any Finnish membership bid would have to happen before summer.
Finnish and Swedish leaders have kept close contact since Russia's invasion of Ukraine. On Saturday Marin said she hoped that both countries would follow similar timelines regarding decisions on Nato membership. Marin is set to meet her Swedish counterpart, Magdalena Andersson, next week.
Finns' interest in joining the military alliance has risen dramatically since Russia's military attack on Ukraine.
During the Yle TV1 interview, Marin also referenced the hostility Russian communities around Europe have faced since the war broke out.
"We don't have any room for hate or discrimination of minorities. We don’t want any harassment or aggression targeting our Russian-speaking minority. We want Finland to be a peaceful country for everyone."