Going into two days of talks, the 28 European Union ministers described the unprecedented crisis unfurling on the bloc's eastern flank as "very dangerous" but appeared to be hoping to see Moscow take steps to defuse the tension.
"It is really important that Russia shows that it is serious about the de-escalation by moving troops back," said the EU's top diplomat Catherine Ashton.
"We'll be watching with great care what's happening there."
"We have not seen real de-escalation by Russia. Therefore Europe must not relax," Hague added.
The two-day meeting is an informal gathering, a regular six-monthly occasion to take stock of foreign policy issues, with no decisions expected.
It opened a day after Russia, for the second time in three days, heaped pressure on Kiev by scrapping discounts on gas that will cause an 81 percent hike in gas prices for Ukrainians, one of the highest in Europe.
"At the moment we have some kind of breathing time, the tension does not increase. We have to benefit from this opportunity to stabilise the political situation," said Germany's Frank-Walter Steinmeier.
Hague too, along with his Dutch colleague Frans Timmermans, said the moment was not for so-called "Phase Three" economic sanctions.
But ministers needed to be ready if necessary "because the situation remains very dangerous, very tense," Hague said.
"We should stick to our strategy," said Dutch minister Frans Timmermans, including standing by Ukraine and moving ahead with the signature in June of political and trade deals with Georgia and Moldova, which are also likely to irritate President Vladimir Putin.
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