First Minister Nicola Sturgeon is investigating whether it is possible to take the “maximum possible action” against Kremlin-linked businesses operating in Scotland.
The first minister has sought legal advice on ending public subsidies or seizing assets of anyone in Scotland with close links to the Russian regime.
Ministers have also urged businesses to stop all trading with Russia.
About £245m of goods and services from Scotland are sold to Russia every year but the Scottish government has asked companies to take “economic action” by severing links in the wake of the Ukraine invasion.
Ms Sturgeon told MSPs that she has sought urgent advice on the “maximum possible action” the Scottish government can take against individuals and entities identified as having close links to the Russian regime.
Meanwhile, the Scottish government has said its economic agencies will use all available powers not to support trade and investment activity with Russia.
Ministers say support and advice will be offered to businesses that they are urging to end trading links with the country.
In an open letter to the business community, Finance and Economy Secretary Kate Forbes said: “We know that everyone wants to do the right thing here.
“Beyond direct investments, reviewing operations for links and connections to Russia – however indirect – and then severing them is the right decision.”