TOKYO, March 4 -- Japanese Deputy Prime Minister Taro Aso said Tuesday that he hopes the current impasse between some Western nations and Russia over the latter's move in Ukraine will be settled quickly and peacefully.

Aso, who also serves as finance minister, said that Japan is monitoring the situation in Ukraine closely with hopes for an early and peaceful resolution.

In a previous telephone conversation with U.S. Treasury Secretary Jacob Lew, Aso said that Japan will cooperate with other Group of Seven members and assist as best it could in the Ukraine situation, but Aso intimated that the circumstances were extremely intricate.

Aso said that Russia would likely hold its ground on the issue as it has a vested interest in the Crimean peninsula in Ukraine.

As to the territorial dispute between Japan and Russia, Aso said that in light of the current crisis in Ukraine the issue might take longer to resolve and as such patience on both sides would be required.

"I don't think we are in a situation where we can make rapid progress on the territorial issue," Aso told a news conference Tuesday, adding that in the past half century since the end of World War II the two sides have failed to sign a peace treaty due to the territorial row.

Prime Minister Shinzo Abe, however, has expressed his eagerness to resolve the dispute with Russia, stating that the two sides would be able to "unlock the untapped potential" of the Japan- Russia relationship, if the longstanding spat were resolved.

But despite the escalating tensions in Ukraine, Abe seemingly does not want to irk Putin ahead of a scheduled visit here by the Russian president in autumn.

Abe said Monday that Russia and other countries at odds over the Ukraine issue should act with "self-restraint", with observers suggesting that Abe was mindful of alienating Putin and further stalling his planned territorial talks, and opted to choose his wording carefully.