The European Union has expanded the list of individuals subject to asset freezes and visa bans and decided to cancel the upcoming EU-Russia summit, European Council President Herman Van Rompuy has said.

"In the absence of de-escalation from Russia, the European Council has decided to expand the list of individuals subject to visa ban and asset freeze. We put forward another 12 names to the list of 21 agreed to earlier this week. We are also cancelling the next EU-Russia Summit and member states will likewise cancel regular bilateral summits," he said at a press conference following the first session of the European Council in Brussels on Thursday.

Rompuy said that previously it was clearly stated that the "failure to settle the crisis peacefully, and any steps by Russia to destabilize Ukraine, will have far-reaching consequences."

"And by that we mean consequences on relations in a broad range of economic areas. We ask the [European] Commission and the member states to prepare possible targeted measures," he said.

At the same time, he did not name those who were included in this list.

Rompuy said that the EU had to follow the legal procedure, but added that there were 12 names and some of them were high-ranking officials.

"Russia's annexation of Crimea and Sevastopol is a clear violation of Ukrainian sovereignty and of international law. We strongly condemn the unconstitutional referendum in Crimea; we will not recognize it, nor will we recognize the annexation. There is no place for the use of force and coercion to change borders on the European continent in the 21st century," he said.