EU ready to impose tougher sanctions on Russia

BRUSSELS, Aug. 31 -- The European Union's leaders decided early Sunday to give Russia one week to de-escalate Ukraine crisis, or they will impose tougher sanctions on Russia otherwise, European Council President Herman Van Rompuy told a news conference after a special summit in Brussels.

"The European Council says that it stands ready to take further significant steps in the light of the evolution of the situation on the ground and it requests the Commission to urgently take preparatory work and present proposals for consideration within a week," Van Rompuy said.

"If Russia continues to escalate the Ukrainian crisis, it will come with high cost," said European Commission President Jose Manual Barroso said at the same press conference.

"I can assure you the Commission will be quick to deliver further proposals for restrictive measures, as the European Council has unanimously requested us to present," Barroso added.

Barroso also noted that EU won't consider military solutions to the Ukraine crisis. "There can be no military solution to this crisis. It's time for everyone to get down to the business of peace-making. It is not too late, but time is quickly running out."