Biden is expected to threaten the biggest sanctions yet against Russia if it invades Ukraine, report says

• Biden and Putin are set to speak on Tuesday.
• Biden plans to threaten tough economic sanctions to try to convince Putin not to invade Ukraine, Reuters reported.

President Joe Biden is expected to tell Vladimir Putin that Russia would be hit with the toughest US sanctions yet if it invades Ukraine, Reuters reported.

The two leaders are due to have a video call later Tuesday, and officials told Reuters that Biden plans to use it to warn of the toughest US economic sanctions yet on Russia if an invasion goes ahead.

One source told Reuters that the sanctions could target Russia's biggest banks and hinder Russia's ability to convert its money to other currencies.

Ukraine has repeatedly warned that Russia appears to be preparing to invade. US intelligence has made similar warnings.

Ukrainian President Volodymyr Zelensky said at the end of November that he had intelligence that a group of Russians and Ukrainians were planning to stage a coup soon, Reuters reported at the time.

The head of Ukraine's defense intelligence agency also told Military Times last month that Russia already has around 100,000 troops on its borders, while Ukraine's defense ministry warned Russia was increasing its readiness to attack.

The US warned its allies last month that Russia may decide to invade Ukraine in the next few months, Bloomberg reported.

US intelligence indicates that Russia may plan on invading early next year with 175,000 troops, The Washington Post reported, citing US officials and an intelligence document.

Experts told Insider's Ryan Pickrell last month that a Russian invasion of Ukraine is a "very real possibility."

Russia has denied any plans to invade Ukraine.

On Monday, Biden had a call with the leaders of France, Germany, the UK, and Italy about the potential action from Russia, about strategies to convince Russia not to invade.