Russia-Ukraine updates: US to ban Russian carriers from its airspace

The European Union has published the proposals of targeted measures that will be formally tabled Tuesday afternoon in response to Moscow’s recognition of the separatist regions in eastern Ukraine -- and adds that they have prepared and stand ready to adopt additional measures if needed.

In a statement from the presidents of the European Commission and the European Council on Russian aggression against Ukraine, the group labeled Russia’s actions as “illegal and unacceptable.”

"It violates international law, Ukraine's territorial integrity and sovereignty, Russia's own international commitments and it further escalates the crisis. Both Presidents welcome the steadfast unity of Member States and their determination to react with robustness and speed to the illegal actions of Russia in close coordination with international partners,” they said.

The package contains proposals to target individuals involved with the decision to recognize Russian-backed separatist regions, banks financing the move, Russian access to EU markets and trade from the two breakaway regions.

An informal meeting of EU Foreign Affairs Ministers chaired by the High Representative is scheduled for 4 p.m. where the first package of sanctions will be formally tabled later this afternoon. Appropriate bodies will then meet to finalize the package.

-ABC News' Christine Theodorou

President Joe Biden will provide an update on Russia and Ukraine from the White House at 1 p.m. on Tuesday, according to an updated official schedule.

White House press secretary Jen Psaki in an earlier tweet pledged that more U.S. measures would come "today" but did not give any further details on when or how severe they will be.

As Ukraine calls on allies to impose harsher sanctions on Russia in response to Moscow’s recognition of the separatist regions in eastern Ukraine, several Western countries have announced some sanctions to start -- and warned more are coming.

The White House is expected to announce tougher sanctions on Russia Tuesday following criticism from some lawmakers that sanctions President Joe Biden announced Monday were limited.

U.K. Prime Minister Boris Johnson labeled Russia's actions this morning as a "renewed invasion" and announced the U.K. was sanctioning five Russian banks and three oligarchs, while the European Union weighs another set of sanctions that would ban trading in Russian state bonds and target imports and exports with separatist entities.

Top Russian officials have dismissed the new western sanctions, with Russia’s foreign minister Sergey Lavrov in a state TV interview saying Russia was already "used to" sanctions and that it considers more sanctions would be imposed on Moscow regardless of what it does.

But in what may amount to a huge blow to Russia, Germany announced earlier that it would halt Nordstrom 2, a key gas pipeline, as NATO allies aim to pressure Putin into a pathway to diplomacy. White House press secretary Jen Psaki applauded the move and teased more U.S. measures would be coming "today."

Russian President Vladimir Putin denied Tuesday that he is seeking to rebuild the Russian empire.

In remarks ahead of his meeting with Azerbaijan’s president, Putin said he knew his recognition of two Russia-backed separatist areas in eastern Ukraine would spark such "speculation."

"I have seen speculation that Russia wants to rebuild the Russian empire in its imperial boundaries. That absolutely does not correspond to reality," Putin said.

The Russian leader insisted that his country recognizes the sovereignty of all former Soviet countries but said the situation with Ukraine is "different" because he claimed foreign countries are using Ukrainian territory to threaten Russia.

"Unfortunately the territory of that country is being used by third countries to create a threat to Russia itself. The issues is only in that," Putin said, adding that Russia's cooperation with Ukriane has disappeared due to the conflict that began between the Ukrainian military and Russia-backed separatist forces in 2014, which he described as a "coup."

-ABC News' Patrick Reevell