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Western powers have called on Russia to lower tensions with Ukraine, ahead of a video call between US Joe President Biden and Russia's Vladimir Putin.
Responding to fears of a Russian invasion, Mr Biden agreed with leaders of the UK, France, Germany and Italy to use "all the tools at their disposal".
Moscow denies it has plans to attack.
But Russia has moved thousands of troops near Ukraine's eastern borders, and Ukraine says tanks have been moved to the front line inside its territory.
Hours before the video talks scheduled for 15:00 GMT, it appeared Washington was not planning a US military response, but focusing instead on tough economic sanctions.
In a conference call on Monday night, the White House said the five Western leaders had formed a joint strategy "to impose significant and severe harm on the Russian economy" should Russia launch an invasion.
They "reaffirmed their staunch support for Ukraine's territorial integrity", Downing Street said.
Possible measures include restrictions on Russia's banks converting roubles into foreign currencies, or even disconnecting Russia from the Swift global financial payment system, reports say.
Kremlin spokesman Dmitry Peskov has condemned talk of a Russian incursion as "shallow and unfounded".
Russia wants guarantees that Ukraine will not try to seize areas captured by Russian-backed separatists in 2014 and has warned the West not to cross "red lines" by adding Ukraine to Nato's military alliance.
More than 90,000 Russian troops are believed to be massed near Ukraine's borders.
A large part of the recent Russian military build-up is in Crimea, which Russia seized from Ukraine and then annexed in 2014.
Troops are also gathering near Ukraine's eastern Donbas region, the name for parts of Luhansk and Donetsk regions under the control of Russian-backed separatists.
Ukrainian officials have said Moscow could be planning a military offensive at the end of January. The defence ministry said on Tuesday that heavy armour was being reinforced in rebel-held areas, including with tanks, artillery and snipers.
More than 14,000 people have lost their lives in seven years of conflict since Russian-backed forces seized large areas of Ukraine's east.
The two presidents last met in person in Geneva in June, but made little progress other than to agree to send their ambassadors back and begin a dialogue on nuclear arms control.
Mr Peskov said the Russian president would "listen with great attention" to Mr Biden's proposals on Ukraine.
"There is only one way to defuse tensions - to understand how to ensure against the possible intentions of Kyiv to solve the Donbas problem through force," he added.
US state department spokesman Ned Price said how Washington responded would depend on Moscow's actions.
"If Russia chooses to fail to de-escalate, if Russia chooses to move forward with any plans it may have developed to continue its military aggression or to aggress militarily upon Ukraine, to violate Ukraine's sovereignty, its independence, its territorial integrity, we and our allies would be prepared to act, we would be prepared to act resolutely."
