Already the "the mother of all sanctions" package is separately nearing completion in the US senate.

An unnamed US official told Reuters of the classified list of those individuals who could be targeted based on the Countering America's Adversaries Through Sanctions Act: "The individuals we have identified are in or near the inner circles of the Kremlin and play a role in government decision making or are at a minimum complicit in the Kremlin's destabilizing behavior."

"Putin's cronies will no longer be able to use their spouses or other family members as proxies to evade sanctions. Sanctions would cut them off from the international financial system and ensure that they and their family members will no longer able to enjoy the perks of parking their money in the West and attending elite Western universities," the official added. 

UK foreign secretary Liz Truss at the same on Sunday time unveiled legislation in Britain which would authorize targeting Russian banks, energy companies and "oligarchs close to the Kremlin" - which would be hit with sanctions by London.

The timing of the announcement underscored the sanctions would be internationally coordinated, the threat of which is intended as a 'deterrent' message to the Kremlin. However, Moscow has said over and over again throughout the crisis that it has no plans to invade Ukraine. Increasingly Ukrainian government leaders agree that the West's threat assessment of a near-term Russian offensive is overblown.

Meanwhile, over the weekend, New Jersey Senator Bob Menendez described that a far reaching Russian sanctions package is on the cusp of obtaining bipartisan agreement and should be ready this week. The well-known Russia hawk, while speaking alongside James Risch (R-Idaho), confirmed to CNN on Sunday they had widespread bipartisan support.