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EU: "Massive" sanctions if Ukraine is attacked

"If the situation deteriorates, if there are any further attacks on the territorial integrity of Ukraine, we will respond with massive economic and financial sanctions. The transatlantic community stands firm in this," von der Leyen said during the opening of the World Economic Forum.

Western countries are seeking to present a united diplomatic front before U.S. Secretary of State Antony Blinken meets Russian Foreign Minister Sergei Lavrov in Geneva on Friday (January 21), widely seen as one of the last chances to stop Russia from launching a new attack.

Western countries say they fear Russia is planning a new assault against Ukraine, nearly eight years after its forces entered Ukraine and seized the Crimea peninsula.

Russia has massed tens of thousands of troops near Ukraine's border in recent months.

It denies planning an attack but says it could take unspecified military action unless a list of demands are met, including a promise from NATO never to admit Kyiv.