EU set to tighten Russia sanctions 'within a week'Updated: 2014-08-31 18:14:35 KST
That's the amount of time the European Union has given Russia to reverse course in Ukraine or face new sanctions.
This after Ukrainian President Petro Poroshenko urged the EU to take action, warning that time is running out to prevent a "full-scale war" between his country and Russia.
Poroshenko called on the 28-member bloc to fully utilize its economic leverage as Russia's most significant trade partner to achieve this goal.
However, the EU remains divided on how to expand sanctions, as several nations fear that stronger measures could spark an open trade war with Russia, which has threatened to retaliate against core European manufacturing industries.
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