The CEOs of Russia's two biggest companies are reportedly included on a list of over 100 Russians who could be hit by travel bans and asset freezes by the EU as punishment for the Kremlin's continuing military intervention in the Crimea region of Ukraine.
ITV News Europe Editor James Mates tweeted:
EU believed to have drawn up list of 120-130 Russian officials to be targeted with sanctions, incl heads of Gazprom + Rosneft #crimea
The preliminary list was compiled by European diplomats and runs to five pages, Reuters reported.
John Kerry warned of "consequences" after his Russian counterpart made clear Moscow would respect the outcome of Crimea's referendum.
Foreign ministers meeting in Brussels will decide on Monday on sanctions for Russia if there is no de-escalation in Ukraine.
Crimea's new information minister has told ITV News that the planned referendum is no different to the situation in Scotland and Catalonia.