Senator Bob Menendez (D-NJ) and Jim Risch (R-ID), the top senators on the Foreign Relations Committee, told CNN on Sunday that they are confident they can pass "massive" sanctions against Russia if it invades Ukraine.
Menendez said that lawmakers are putting together "the mother of all sanctions" packages against Russia.
"To include a variety of elements, massive sanctions against the most significant Russian banks -- crippling to their economy, meaningful in terms of consequences to the average Russian and their accounts and pensions. More lethal assistance to Ukraine. The ability to deal with Russia’s sovereign debt, sectoral elements of Russia's economy... to sanction its sovereign debt. These are sanctions beyond any we have ever levied before and I think that sends a very clear message," he told CNN.
Risch said that is a "good description of what's happened and where we are."
The interview comes amid concerns that Russia will soon invade Ukraine.
President Joe Biden warned Ukraine's President last week that there is a "distinct possibility" Russia could take military action against Ukraine in February.
Later, a senior Ukrainian official told CNN that Biden had told Zelensky that a Russian invasion of Ukraine is now virtually certain and that his country needs to "prepare for impact”.
However, National Security Council spokesperson Emily Horne denied that Biden had made such comments, explaining that the US President had merely amplified concerns that administration officials have been making for some time.
"President Biden said that there is a distinct possibility that the Russians could invade Ukraine in February," she said. "He has said this publicly and we have been warning about this for months."
On Friday, Defense Secretary Lloyd Austin said that Russian President Vladimir Putin has the capability to launch a military offensive against Ukraine, as he called on Russia to stand down on Ukraine.
In a briefing with reporters, Austin said Moscow has for months been deploying forces along Ukraine’s border at a “consistent and steady pace.”
“We don't believe that President Putin has made a final decision to use these forces against Ukraine,” Austin added.
He noted that conflict was not inevitable, adding that there was still time for diplomacy. He said the US remains in “lockstep” with its NATO allies and has “offered Russia a path away from crisis and toward greater security.
Biden has warned Putin that an attack on Ukraine would be met with severe economic consequences for Moscow.
The US President said last week that he would consider personally sanctioning Putin if Russia invades Ukraine.