BRUSSELS, April 15 – The Council of the European Union has threatened to apply economic sanctions with far reaching consequences for bilateral relations if Moscow takes further steps to destabilize the situation in Ukraine.

"The council notes that any further steps by the Russian Federation to destabilize the situation in Ukraine would lead to additional and far reaching consequences for relations in a broad range of economic areas between the European Union and its Member States, on the one hand, and the Russian Federation, on the other hand," reads the conclusions of the Council approved by EU Foreign Ministers in Luxembourg on Monday.

The council noted that the preparatory work by the Commission and Member States is underway on possible targeted measures, as requested by the European Council in March "so that further steps can be taken should events require."