EU Commission President Ursula von der Leyen told the Handeslblatt and Les Echos newspapers that the EU has prepared a "robust and comprehensive" set of sanctions against Russia in case it continues its alleged "aggression" toward Ukraine.

According to the newspapers, Von der Leyen indicated that the EU has "prepared a robust and comprehensive package of financial and economic sanctions," including "capping access to foreign capital" and "export controls, especially on technical goods."

She also pointed out that the Nord Stream 2 pipeline will be part of the sanctions depending "on Russia's behavior."

"People close to (Russian President Vladimir) Putin and oligarchs could, of course, be hit sensitively" with the sanctions, she added.

Von der Leyen acknowledged that if imposed, the sanctions will make the Russian economy fragile, indirectly affecting Russian nationals.

A "clear, consistent message to Russia"

In the same context, UK Prime Minister Boris Johnson and German Chancellor Olaf Scholz discussed the situation in Ukraine during a phone conversation on Friday and agreed that dialogue with Russia is necessary, Downing Street said.

"The leaders agreed on the importance of dialogue with Russia. They resolved to use all diplomatic channels available to bring an end to the current tensions," a Downing Street spokesperson mentioned in a statement.

Johnson and Scholz stressed that it is necessary to send Russia a "clear and consistent message to Russia, including on the repercussions of a further Russian invasion of Ukraine."

Late last month, UK Foreign Secretary Liz Truss said that London is developing a draft law that will make it possible to impose sanctions on any Russian organizations and individuals.

Truss added that London does not rule out the possibility that property of Russian oligarchs in the UK capital might be confiscated as part of toughened sanctions package against Russia in the event of escalation around Ukraine.

"Russia is not going to step back"

On January 23, the US Secretary of State, Antony Blinken, warned that "if a single additional Russian force goes into Ukraine in an aggressive way, as I said, that would trigger a swift, a severe and a united response from us and from Europe."

A few days ago, the Russian Embassy in Washington affirmed that Russia is not going to step back in the face of the threat of sanctions from the US, which creates tension in bilateral relations.

The situation around Ukraine has worsened over the past several months after the US and its allies accused Russia of preparing to "invade" its neighbor.

Russia has repeatedly denied having plans to attack any country but said it reserves the right to move troops inside its sovereign territory as it sees fit, as part of defending its security. 

Moscow has also warned that NATO's plans to expand further eastward, including in Ukraine, represent a threat to its national security.