LIVE: Diplomatic face-off expected at UN security council meeting over Ukraine crisis

The Kremlin has blasted Britain’s announcement of new legislation to target Russian firms and oligarchs in the event of a war in Ukraine as an “outright attack on business” and has threatened to retaliate.

“The statements made in London are very disquieting. I believe they don’t just make us, our companies worry, they also demonstrate a significant degree of London’s unpredictability, which is a reason for serious concern from international financial institutions and business entities,” Kremlin spokesman Dmitry Peskov said during a telephone briefing.

Peskov did not specifically respond to threats against wealthy Russians close to Putin. But he did describe the threat of sanctions as illegitimate, saying that they would harm both Russian and British business interests.

“We should call a spade a spade: sanctions are something legitimate, formalised by a resolution of the UN Security Council, while here we are dealing with an outright attack on business,” he said during the call.

Russia’s state-owned gas company is politely reminding Europe how its liquid gas reserves are at an “all-time low”.

Gazprom just tweeted that Europe’s underground gas facilities hold nearly 30% less gas than they did this time last year. They are around 40% full, it said.

The not-so-subtle subtext: Don’t rock the boat. Europe is reliant on Russia for energy.

The US and its allies have prepared a list of Russian elites linked to Vladimir Putin’s inner circle to hit with economic sanctions should Russia invade Ukraine, a senior US administration official has said.

The official, who spoke to Reuters on condition of anonymity, said the individuals “play a role in government decision-making or are at a minimum complicit in the Kremlin’s destabilising behaviour”.

The sanctions will also target family members, the official said.

Targeting Russian oligarchs is only one part of a plan by the US and its allies to punish Putin should he launch an invasion. Russia denies that it plans to invade Ukraine.

The US official said many of the individuals are particularly vulnerable targets because of deepened financial ties with the west.

“Putin’s cronies will no longer be able to use their spouses or other family members as proxies to evade sanctions. Sanctions would cut them off from the international financial system and ensure that they and their family members will no longer able to enjoy the perks of parking their money in the west and attending elite western universities,” the official added.

On Sunday, a US Senate foreign relations committee said it was on the verge of approving “the mother of all sanctions”.

“Putin will not stop if he believes the west will not respond,” said the panel’s Democratic chair, Bob Menendez of New Jersey. “We saw what he did in 2008 in Georgia, we saw what he did in 2014 in pursuit of Crimea. He will not stop.”

Britain has also sought to dissuade Vladimir Putin from military action by signalling its willingness to impose severe economic sanctions.

On Sunday, foreign secretary Liz Truss said legislation to allow Britain to hit banks, energy companies and “oligarchs close to the Kremlin” will be introduced by the government this week.

“We absolutely need to stop [an invasion from] happening,” Truss told the BBC. “The number one thing that will stop Vladimir Putin taking action is if he understands the cost of that action.”

The British government has been accused of allowing Kremlin-linked money to flow easily through the City of London – which has been nicknamed ‘Londongrad’.

Related: UK to bring in measures to allow for tougher sanctions on Russia, says Truss

Truss is travelling to Ukraine this week and has plans to travel to Moscow the week after.

Aside from the security council meeting, Joe Biden will host the Emir of Qatar at the White House today in the hopes that the gas-rich Gulf nation might offset an energy crisis if Russia invades Ukraine.

Any Russian invasion into Ukraine would almost surely trigger economic sanctions from the US and its European allies. That could lead to oil and gas shortages around the world. There are also concerns Russia will cut supplies to Europe, although Moscow denies this.

Sheikh Tamim bin Hamad al-Thani is expected to tell the US president that his country will explore providing short-term emergency liquid gas to help replace any shortages.

According to the EU’s statistics agency, Eurostat, EU countries draw roughly 40% of their gas imports from Russia. Germany is especially dependent.

As the world’s second-biggest exporter of liquified natural gas – and being a close US ally – Qatar is seen as an option to avoid an energy meltdown.

The United Nations security council is scheduled to meet later today for what is expected to be a testy confrontation between US and Russian diplomats over Moscow’s troop build-up on the Ukraine border.

It will be the first time the global body will discuss recent threats of a Russian invasion, which has left world governments on edge.

Washington called for the meeting last week. US ambassador to the UN, Linda Thomas-Greenfield, has described it in stark terms as a talk on “Russian aggression”.

“We’re going to go into the council prepared to listen to Russia’s security concerns, but we’re not going to be distracted by their propaganda,” she tweeted.

Russia’s deputy UN ambassador Dmitry Polyansky has been no less assertive, calling the meeting a “clear PR stunt shameful for the reputation of UN security council”.

Under council rules – and adding to tensions – Ukraine will also speak.

While it is possible Russia might attempt to block the meeting with a vote, it will need support from nine of the 15 members.

Good morning readers. Oliver Holmes here. I’ll be your live blogger for what looks to be a lively day of diplomacy.