German Chancellor Angela Merkel says Russia risks "massive" political and economic consequences if it continues its course in the Ukraine crisis.
In an address to Parliament today, Merkel told lawmakers the only way out of the crisis is through diplomacy.
But she says the European Union and other western nations were prepared to freeze bank accounts and implement travel restrictions if Russia refused to enter "negotiations that achieve results."
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She also says further measures could be taken if those aren't effective and that Moscow will find that its current course "will cause massive damage to Russia, both economically and politically."
Merkel also underlined that Ukraine's territorial integrity is "not up for discussion" and that Russia's deployment of troops to Crimea is a clear breach of international law.
