Washington and its NATO allies have targeted Russian financial institution, high net worth individuals, with sanctions and asset freezes, while Germany has put the Nord Stream 2 gas pipeline on hold.

Ukraine may give up its ambition of joining the US-led NATO alliance in a bid to avert war, the country’s envoy to Britain has suggested, noting that Kiev is willing to be “flexible” on the issue.

Britain is set to sanction Kremlin-linked businesses and individuals if Russia moves ahead with any military action against Ukraine.

Russia says it can no longer “tolerate” NATO's eastward expansion and “gradual invasion” of Ukraine.

NATO Secretary-General Jens Stoltenberg has warned of “a real risk” of a new war in Europe, stressing the need for further dialog between members of the Western military alliance and Russia to resolve the ongoing crisis over Ukraine.

NATO warns Moscow to brace for conflict with the military alliance if it does not abandon its “belligerent foreign policy” and cooperate with the West amid soaring tensions.