Hague told Sky News on Sunday that Russia will face an extension of existing measures, including travel bans and asset freezes on Russian individuals or entities in coming days.

"What we will hear about in the coming days, what we will agree ... is an expansion of existing sanctions, measures against individuals or entities in Russia,” he added.

The British minister also said the United States and its European allies are working on more measures of economic, trade and financial sanctions against Moscow, which would be for possible future and not for immediate implementation.

G7 leaders released a joint statement on Saturday, saying that they are committed to intensifying targeted sanctions on Russia to increase the costs of its actions.

US Deputy National Security Adviser Ben Rhodes told reporters that the new sanctions may target individuals with influence in areas of the Russian economy such as energy and banking.

Rhodes also threatened to increase sanctions to entire sectors of the Russian economy, rather than just individuals, should Moscow launches a military incursion into eastern Ukraine.

The United States has already imposed sanctions on a number of Russian officials and a Russian bank, Bank Rossiya, but has not targeted the country’s entire economic sectors.

On March 17, EU foreign ministers also imposed travel bans and asset freezes on 13 Russian nationals and 8 others from Crimea.

Tensions between Moscow and the West heightened after Crimea declared independence from Ukraine and became part of the Russian Federation following a referendum on March 16.

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