Ukrainian soldiers keep watch on the frontline with Russia near Avdiivka, Donetsk region Photograph:( AFP )
President Joe Biden in a virtual summit this week with President Putin had threatened to impose economic sanctions against Russia if it attacked Ukraine.
Britain's foreign secretary Liz Truss while speaking at the G7 foreign ministers meeting warned that Russia would face "massive consequences in case of an incursion into Ukraine".
Western leaders have sought to put pressure on President Putin after reports claimed Russian troops have been massing troops on Ukraine's border.
Russia has however said it is free to move its troops within its borders and has no plans to attack Ukraine.
President Joe Biden in a virtual summit this week with President Putin had threatened to impose economic sanctions against Russia if it attacked Ukraine. The US president warned of "devastating" economic consequences on Russia during his summit with Putin.
Watch: 'Russia will pay a terrible price if it invades Ukraine'
The Russian president has asserted that his country has a "peaceful foreign policy, but has the right to defend its security". Putin said Ukraine's admission into NATO could lead to European forces moving to the eastern border.
Biden said US and NATO are ready to send more troops into the eastern flank while warning that Putin will "pay a terrible price" if the situation went out of control. The US president said his forces will continue to provide "defence capacities" to Ukraine.
Amid the escalating pressure, US State Department revealed that diplomats will travel to Ukraine and Russia in order to deescalate tensions.
Reports claim Russia has deployed 100,000 troops on Ukraine's border. The Russian foreign ministry had declared earlier that NATO should do away with plans to induct Georgia and Ukraine into the European military alliance. However, NATO secretary-general Jens Stoltenberg flatly rejected Russia's call.
Stoltenberg said European nations have the right "to decide their own path".
(With inputs from Agencies)