U.S. preparing sanctions against Putin - report

U.S. senior Democratic senators will today unveil a new package of sanctions to punish Russian President Vladimir Putin if Moscow engages in hostilities against Ukraine, reads the legislation, obtained by The Washington Post in advance of its release.

"Senior Democratic senators on Wednesday will unveil a fresh package of sanctions to punish Russian President Vladimir Putin if he invades Ukraine," the article reads.

The effort was already backed by the White House as the administration seeks to tamp down defections on a competing measure targeting Moscow set for a closely watched Senate vote this week.

The legislation would impose sweeping sanctions on top Russian military and government officials, including Vladimir Putin and other leaders, as well as key banking institutions. It would also target companies in Russia that offer secure messaging systems such as SWIFT.