The European Union is expected to announce extra economic sanctions against Moscow over the conflict in eastern Ukraine.
It is understood the measures will include restrictions on state-owned Russian defence and energy companies.
The crisis has been top of discussions at a NATO summit in Wales where the Ukrainian president Petro Poroshenko has met with global leaders.
Speaking on the sidelines of the Nato summit on Thursday, Deputy White House national security adviser Ben Rhodes said: "The key point is that Russia must continue to face costs for its own escalation.
"If Russia escalates, we can escalate our pressure."
Nato Secretary General Anders Fogh Rasmussen has warned that Russia's incursion poses the most serious security threat to Europe since the Cold War, although Moscow has consistently denied direct military involvement.
Nato is also expected to finalise plans for a Rapid Reaction Force that can deploy to Eastern Europe on 48 hours notice. This will include pre-positioning logistic and planning support in Baltic countries as well as vital equipment.
The measures will come a day after British Prime Minister David Cameron, US President Barack Obama and other senior Nato leaders met Ukrainian President Petro Poroshenko.
Mr Poroshenko has announced plans to order a ceasefire, provided a peace plan is agreed during separate talks in Minsk, attended by representatives from Ukraine, Russia and pro-Russian rebel forces.
