The European Union could push through "phase three" sanctions against Russia as early as Thursday this week, the foreign minister of Poland told CNBC, if EU leaders get the legal sign-off from their parliaments.
Current "phase two" sanctions, which involve targeting individuals for travel bans and asset freezes could be upped to the next level, which includes suspending Russian access to capital markets, Poland's foreign minister Radek Sikorski said.
The EU has threatened more severe measures before, without being able to find consensus, however Sikorski said the probability of phase three sanctions getting pushed through is "quite high" this time.
"The reason we didn't take the formal decision yesterday is because of legal reasons reserved to the European Council at the level of heads of government. But the European Commission has a ready paper of targeted sanctions," he told CNBC.