(Reuters). -The U.S. Senate Democrats will introduce a bill on Wednesday to impose sweeping sanctions against top Russian officials and government, such as President Vladimir Putin, and important banking institutions if Moscow joins hostilities against Ukraine. Senator Robert Menendez stated.

The proposed legislation includes provisions to help bolster Ukraine’s security and encourages the United States to “consider all available and appropriate measures” to ensure the Russia-to-Germany Nord Stream 2 pipeline – a “tool of malign influence of the Russian Federation” – does not become operational.

Menendez (Democratic chairman of Senate Foreign Relations Committee) stated in a statement that “This legislation clearly shows that the U.S. Senate won’t stand by while the Kremlin threatens to re-invade Ukraine.” Menendez plans to introduce the bill on Wednesday.

Russia now has around 100,000 troops at Ukraine’s frontier, and Washington wants to prevent Moscow from trying to invade the country again.

First reported by Washington Post, the bill would target Russian companies that provide secure messaging systems such as SWIFT. These are used to share key information between banks and other financial institutions.

A spokesperson for Menendez stated that nearly two dozen Senate Democrats including Majority Leader Chuck Schumer have supported the bill.

Washington Post: A spokesperson for National Security Council said that Menendez’s bill would trigger severe economic consequences for Russia if Russia decides to invade.

The spokesperson stated that Ted Cruz’s Republican Senator sponsored another bill. It will not “counter further Russian aggression” or protect Ukraine.

Cruz reached an agreement with Schumer last month. The Texas senator lifted his grip on many of the nominees for Ambassador to President Joe Biden. Although Cruz’s bill is up for vote, 60 votes are required to pass it, which would be a major hurdle in an unevenly divided Senate.

Democrats who want to support sanctions on Nord Stream 2’s $11 Billion Nord Stream 2 pipeline are offered an alternate option through the Menendez bill. The bill is currently awaiting approvals by Germany and will make it more difficult for Cruz bills to pass.

Numerous Democrats supported the sanctions against the pipeline because it would bypass Ukraine and deprive the country of its transit fees.

Cruz’s bill would place sanctions on the pipeline in 15 days after passage. This would apply regardless of Russia’s invasion of Ukraine. Congress would also be able to vote to reimpose sanctions if the president decides to waive them.

Gazprom, Russia’s gas giant, has backed the pipeline. It would supply fuel for Germany, Europe’s biggest economy. Germany is currently shutting down nuclear and coal plants.

Several Democratic Senators stated late Monday that, following a meeting with Biden Administration officials, they believed the Cruz sanctions against Nord Stream 2 may cause harm to relations with Germany.