Tip - Russia risks significant economic and political consequences

The West warned Thursday that Russia risks significant economic and political consequences if it shuns a political solution to the crisis in Ukraine.

The push to de-escalate tensions between Moscow and Kiev comes ahead of a planned Sunday referendum called by Crimea's pro-Russian leadership to decide if the peninsula is to secede from Ukraine.

The UN and key Western allies opposed to the referendum discussed the situation in a conference call, while Russia considerably increased its troop formations along the Ukrainian border.

Italian Foreign Minister Federica Mogherini said UN chief Ban Ki-moon, EU foreign policy chief Catherine Ashton and diplomats from key Western nations agreed to ensure ..