Speaking outside court, lawyers for Tolokonnikova and Alyokhina said they would try to take their case to the European Court of Human Rights.
Rights group Amnesty International said Wednesday's ruling was "only a half-measure in achieving justice" for the women, and called for all three to be released immediately and unconditionally.
"Any decision that shortens the wrongful detention of the three women is welcome. But no one should be fooled -- justice has not been done today," David Diaz-Jogeix, Amnesty's Europe and Central Asia deputy program director, said in a statement.
"The government has introduced numerous new restrictions to freedom of expression in recent months. As this decision demonstrates, Russia's judiciary is unlikely to offer much protection to those who fall foul of them."
The band's conviction and sentencing garnered an international outcry, with celebrities from Paul McCartney to Anthony Bourdain to Madonna backing the cause of the strident trio.
"Say what you will about Pussy Riot: this might not be your kind of music. Their actions might offend you. But this doesn't change the fact that freedom of expression, in whatever peaceful form it takes, is a human right, and one on which the protection of other rights rests," wrote Michelle Ringuette of Amnesty International USA.
A judge rejected the women's defense that their actions were politically motivated, ruling that they had intended to insult the Orthodox Church and undermine public order.
An Orthodox Church leader has been widely reported as saying Putin's years in power have been a miracle from God.
Before the hearing last week, the Russian Orthodox Church appealed for leniency for the band members, according to state-owned Ria Novosti.
The church believes repentance will "benefit the souls" of the band members, the news agency said.
Russian Prime Minister Dmitry Medvedev has called for the members' release but also said he is "sickened" by their actions.