US senators from President Joe Biden’s Democratic Party threatened major consequences if Russia invades Ukraine, including sanctions on President Vladimir Putin, Russian banks, and USD 500 million in fresh security aid to Kyiv, writes France24.

The introduction of legislation comes as the United States and its NATO allies hold talks with Russia and warn of high costs if the tens of thousands of troops on Ukraine’s border advance.

“We are coming together to send a clear message - Putin need not collapse his entire economy nor does he need to sacrifice the lives of his own people in a futile attempt to rewrite the map of Europe”, - said Senator Bob Menendez, the chairman of the Senate Foreign Relations Committee.

The so-called Defending Ukraine Sovereignty Act would mandate US sanctions on Putin and an array of top Russian officials as well as on at least three major financial institutions.

It would also penalize services such as the SWIFT international banking network if they deal with sanctioned Russians.