Warnings of dire consequences for Russia.. Washington is rushing a joint sanctions plan with Europe to avoid war in Ukraine

With Western warnings to Moscow of the consequences of a possible invasion of Ukrainian lands, news from the United States indicates that the administration of President Joe Biden is urging its European allies to expedite the preparation of a deterrent sanctions plan in partnership with it.

Bloomberg quoted sources as saying that the US administration has urged the European Union to prepare for measures targeting Russian banks and energy companies if Russia invades its neighbor Ukraine.

According to the same sources, Washington believes that the preparation of this plan lends credibility to the efforts made to deter Russia.

The sources added that the United States and major European countries are trying to achieve a balance between continuing the threat of sanctions and maintaining diplomatic dialogue.

European position

The sources indicated to Bloomberg that European countries believe that hasty planning for sanctions may undermine efforts to resolve the crisis through diplomacy.

At their summit in Brussels on Thursday, European leaders issued a joint warning to Russia of the consequences of a possible incursion into Ukrainian territory.

The leaders approved a declaration in which they affirmed their full support for Ukraine's sovereignty and territorial integrity, and said that "any new attempt of aggression against Ukraine will have serious consequences and a heavy price."

According to Bloomberg, European countries fear rushing to plan new sanctions against (European) Russia.

The declaration called on Russia to "de-escalate the tension caused by military buildup" along its border with Ukraine, and to engage in diplomatic talks through a mechanism established primarily with the participation of Paris, Berlin and Kiev.

Western allies have rejected Russia's attempts to undermine Ukraine's aspirations to join NATO and Russian President Vladimir Putin's efforts to deal directly with the United States to resolve the crisis.

In return, Russia is demanding legally binding guarantees from the United States that NATO will not expand towards its borders, and the Kremlin said on Thursday that Moscow was ready to immediately dispatch a government negotiator to start talks with the United States on security guarantees needed to resolve the Ukraine crisis.

NATO sources say that Russia has amassed between 75,000 and 100,000 troops on its border with Ukraine, but Moscow denies any intention to attack.

Relations between Kiev and Moscow have been experiencing escalating tension for nearly seven years, due to Russia's annexation of the Ukrainian Crimea and its support for separatists in the Donbas region in eastern Ukraine.