European Union governments will take a decision on a package of new sanctions against Russia by Friday, Italian Foreign Minister Federica Mogherini told the European Parliament.
Russian money is flowing out of the country amid the worst clash between the Kremlin and the West since the Cold War.
Russia's Economy Ministry is forecasting £60 billion in capital outflows for this year, up from £36 billion in 2013, but some say the figure has already been exceeded.
"Somewhere between $100 billion and $200 billion of capital flight has taken place," US President Barack Obama said last week.
Russian economy is expected to stagnate in the light of tough economic sanction imposed on the country by the EU and the U.S.
The U.S. and EU sanctions imposed against Russia over the conflict in eastern Ukraine will "not achieve their goal," Russian Foreign Minister Sergei Lavrov said.
Speaking to reporters in Moscow, Mr Lavrov said the sanctions may result in Russia becoming more economically independent.
The European Union has imposed new sanctions against 15 people, including high-profile Russian officials, amid the worsening crisis in eastern Ukraine.
The list includes Russia's Deputy Prime Minister Dmitry Kozak and the chief of staff of Russia's armed forces Igor Sergun.
The sanctions are also targeting several separatist leaders.
Russia will impose symmetrical sanctions if the United States and European Union impose their own, Russia's Deputy Economy Minister Alexei Likhachev said.
He also said the ministry hoped that any sanctions would be political not economic.
"One would like to wish that if the European Union decides to impose any sanctions they will not restrain business cooperation," Likhachev said.
The US has imposed a visa ban on certain individuals and the EU announced a three-stage sanctions process against Russia last week.
The Organisation for Economic Development said it would "postpone activities related to Russia's accession" and strengthen cooperation with Ukraine.
North Korea has developed sophisticated countermeasures to circumvent UN sanctions, including the suspected use of its embassies to facilitate the illegal trade in weapons, according to a United Nations report.
North Korean embassies in Cuba and Singapore were suspected by the eight member UN panel of experts of facilitating the country's banned arms trade, including a shipment of fighter jets and missile parts that were seized in Panama last July.
The report also pointed to the use of more developed financial countermeasures used to mask the purchase of both banned and permitted goods.
U.S officials say President Obama said today there is enough oil in the world market to allow countries to cut their imports from Iran.
This is seen as a move closer to imposing sanctions against countries who still buy Iranian oil.