The European Union reportedly has agreed to the framework of sanctions on Russia, according to a draft document seen by Reuters.
According to the report, the sanctions include travel restrictions and asset freezes against those responsible for violating Ukraine's sovereignty.
"Member states shall take the necessary measures to prevent the entry into, or transit through, their territories of the natural persons responsible for actions which undermine or threaten the territorial integrity, sovereignty and independence of Ukraine," the document says, according to Reuters.
The second article of the sanctions says that all funds belonging to those responsible for undermining "Ukraine's integrity" will be frozen.
Officials from the U.K., the U.S., Italy, France, Germany, Switzerland and Japan met to discuss the issue in London Tuesday.
An EU official told Reuters that there was detailed discussion of names at the meeting and "no definitive list has been draw up, but it will be ready by Monday."
Officials reportedly said Russian President Vladimir Putin and Foreign Minister Sergei Lavrov will not be on the list, so that communication channels can be kept open.
If the sanctions are approved at a Monday meeting, they would be the first imposed by the EU against Russia since the end of the Cold War.