"Diplomacy must be pursued but a Russian invasion of Ukraine looks highly likely," UK Foreign Minister Liz Truss said on Monday, as reported by Reuters.

"The UK and allies are stepping up preparations for the worst-case scenario," Truss further noted. "We must make the cost for Russia intolerably high."

Market reaction

The UK's FTSE 100 Index continues to edge lower following these comments and was last seen trading flat on the day at 7,517. Meanwhile, the GBP/USD pair stays in the positive territory near 1.3630.