World Athletics has banned competitors from the two countries from its events, including under a neutral flag, because of Russia’s invasion of Ukraine.
The International Olympics Committee (IOC) has said athletes should be able to compete as neutrals.
However, Lord Coe said World Athletics’ position was “very clear”.
When World Athletics announced its ban in March, Lord Coe said “unprecedented sanctions” on Russia and Belarus by “countries and industries” are the “only way to restore peace”.
Speaking on Thursday, Lord Coe added: “I don’t have a crystal ball, I follow world events in the same way that you all do.
“We have risk committees, we have working groups that will always be wanting to be across that and what might the circumstances look like if there’s any shift in the situation but I have to say that looks unlikely at the moment with where we are with events in Ukraine.”