The conflict in Ukraine has carried an unsustainable price in human lives, has shown us that one of the basic principles of international law – the respect of country's territorial integrity and sovereignty, and that you don't change borders by force – can be violated, European Union's foreign policy chief Federica Mogherini reported.

"An extremely dangerous precedent, not only for Europe but for the rest of the world as well," she stressed delivering a speech at Munich Security Conference on Sunday.

Mogherini believes the conflict in Ukraine might be stopped due to exhaustive diplomacy, including the economic pressure with our sanctions.

"We work through all channels, all forms and formats of dialogue that can lead to a solution," she stressed.

EU foreign policy chief also named the Trilateral Contact Group, the efforts of mediation led by the OSCE, the talks in the Normandy Format among the possible way-outs of Ukraine crisis.

She said the initiative taken by Chancellor Merkel and President Hollande in the past days goes exactly in this direction, with the goal of finding effective ways of finally implementing, in full, the Minsk agreement.

"We do not know yet whether these efforts will succeed. But it is our duty to try. Not only because we feel the urgency of reaching a ceasefire, and making it sustainable. But also because we know that there is no alternative solution to a diplomatic solution for this crisis," Mogherini said.

She also said that the task of West is not only focused on solving the conflict.

"We also have to make sure that Ukraine becomes a functional state, I would say a success story. That is why we are supporting Ukraine in its broad reform agenda. That is why we have just added €1.8 billion in macro-financial assistance; let me say that much more, much more is needed from the international community," Mogherini said adding that for this purpose an Advisory Mission to assist with security sector reform has been deployed, and that is why Europe is facilitating the gas negotiations between Russia and Ukraine to ensure security of supply.

Commenting on speech delivered by Russian Foreign Minister Sergei Lavrov at the Munich Security Conference, she said that "a European vision for the EU's relations with Russia had been a partnership for prosperity and security."

"The EU can never be described as a project against someone. It will never be. Never. We have made our dream of integration true, after centuries of war, to move from confrontation to cooperation. Internally and externally. The EU's doors remain open for dialogue, but we cannot and we will not compromise on international principles and values. Never," she stressed.