US Secretary of State John Kerry's warning came a day before Ukraine's President Petro Poroshenko signs the final chapters of an historic EU accord that nudges his country toward eventual membership and pulls it firmly out of Russia's reach.
Poroshenko also intends to get German Chancellor Angela Merkel and French President Francois Hollande to join him for a second round of telephone diplomacy with Russian President Vladimir Putin in two days.
Obama said sweeping economic sanctions were imminent unless the Kremlin stopped "the flow of weapons and militants across the border".
US Secretary of State John Kerry was even more explicit in Paris today following talks with French counterpart Laurent Fabius.
"We are in full agreement that it is critical for Russia to show in the next hours, literally, that they're moving to help disarm the separatists, to encourage them to disarm, to call on them to lay down their weapons and to begin to become part of a legitimate process," Kerry said.
The punitive steps under deliberation would target Russia's financial and defence sectors at a time when its export-dependent economy is on the verge of slipping into another recession.
US media reports said one particularly painful step under consideration would prohibit the export of technology that could help Russia explore for oil and gas in the Arctic - a major ambition of powerful state-held energy firms.
A spokesman for Ukraine's "anti-terrorist operation" said 10 paratroopers were wounded in rebel attacks on government roadblocks today.
Ukrainian media reports said gunmen had also attacked a small airport overnight in the flashpoint village of Kramatorsk.
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