BRUSSELS, (Reuters) – The European Union and the United States are discussing a new round of economic sanctions against Russia. However, no decision will be made on Monday, according to the top diplomat.

Along with the United States of America, the European Union imposed economic sanctions against Russia in July 2014. These were aimed at its banking, energy and defense sectors. It is also considering additional measures to take if Russia attempts to invade Ukraine.

Josep Borrell stated to reporters that “we are in deterrent mode” as he arrived at a meeting with EU foreign ministers.

“In all cases, we will send out a clear message that any aggression against Ukraine would have a high price for Russia… We are jointly studying with the U.S. (sanctions)could possibly be, when, and how to coordinate our efforts.”

According to EU diplomats, Reuters was told that the discussions were focused on a possible gradual increase in sanctions. This could include asset freezes or travel bans for powerful Russian political leaders and banning any financial and banking connections with Russia.

It was possible to sanction the Nord Stream 2 pipe between Russia and Germany in order to stop it from becoming operational. This option also included targeting Russian-owned defense and energy companies and cancelling existing contracts.

However, envoys stated that such measures would be taken only if Russia attempted to invade the entire country.

NATO Secretary-General Jens Stoltenberg warned Russia repeatedly that Russia is being supported by the West military alliance despite an unusually large concentration of Russian troops within Ukraine’s borders.

Russia denies any intention to invade Ukraine. Kyiv is accused of sending half its army to the east to fight pro-Russian separatists.