French President François Hollande said on Saturday that probable incursions by Russian troops inside Ukraine will "no doubt" lead the European Union to slap a new round of sanctions on Moscow, reports The Wall Street Journal.
Mr. Hollande said that "new escalation" in Ukraine would led EU heads of state "no doubt to increase sanctions" at a summit planned this evening in Brussels.
The level of the new sanctions would remain to be worked out by the EU's executive arm, he said.
"This is the most serious crisis since the end of the Cold War," Mr. Hollande said in a short televised address before leaving Paris for Saturday's meeting.
"Up against these worsening tensions, decisions must be made."
Mr. Hollande said that he had on Friday spoken with Russian President Vladimir Putin to express his hope that there can be a negotiated solution to the conflict in eastern Ukraine, where Russian-backed separatists have been fighting the Ukrainian government.
Mr. Hollande said he demanded that Mr. Putin stop aiding the separatists, and respect the territorial integrity of Ukraine. He also reiterated that France stood ready to organize a meeting with Russia, Ukraine and Germany similar to the four-way peace-building gathering that took place in Normandy on the sidelines of D-Day commemorations in June.
"There is no time to waste," Mr. Hollande said. "Are we going to let the situation worsen, until it leads to war? Because that's the risk."
The French president's comments come as Ukraine suffered a setback in its efforts to isolate one of the biggest remaining rebel-held strongholds Friday.
Separatists, backed by Russian forces, advanced further in the east, government Ukrainian officials said.
Read more of this report from The Wall Street Journal.