The White House announced in a statement that US President Joe Biden will be holding a video conference with European leaders Monday to discuss the situation in Ukraine.

The statement said that Biden will establish two lines of communication with European leaders as part of Washington's close consultations and coordination with their allies and transatlantic partners, in response to Russia's military build-up near Ukraine's borders. 

Earlier in the day, the European Union announced that it was preparing a 1.2 billion euro aid package for Ukraine, against the backdrop of a "possible Russian invasion" of Ukraine, which Moscow repeatedly denies. 

"Ukraine is a free and sovereign country. It makes its own choices. The EU will continue to stand by its side.," European Commission President Ursula von der Leyen said during a press conference.

A similar step was taken by NATO today, as NATO Secretary-General Jens Stoltenberg announced that the member states of the alliance are putting their forces on alert and strengthening their deployment in Eastern Europe.

Divisions within the European Union 

Opinions within the EU have created rifts on the issue of Ukraine. 

About 40% of Europe's natural gas comes from Russia, through pipelines in Ukraine. As prices soar, there are growing concerns about a cut-off of Russian gas supply, especially during a piercing winter. 

Germany and France have been treading cautiously: On Saturday, the Head of the German Navy, Kay-Achim Schoenbach, lodged in his resignation after saying that Ukraine will not be reclaiming the Crimean Peninsula, saying that Putin deserves respect. 

Macron, also, has been attempting to revive an EU summit with Russian President Vladimir Putin - calls that have been previously rejected. 

On the other hand, sanctions may be cooking at the EU's executive arm, the European Comission.