Russian President Vladimir Putin on Monday announced Russia would recognize two breakaway regions in Ukraine's east as independent entities.

Putin announced his decision at the end of a televised national address lasting almost one hour. Shortly after his address, state television aired footage of the Russian president signing a decree formally recognizing the breakaway regions of Donetsk and Luhansk as independent.

Moscow's move could torpedo a last-minute bid for a summit with U.S. President Joe Biden to prevent Russia from invading Ukraine.

The European Union warned of sanctions from the 27-nation bloc should Moscow annex or recognize the breakaway regions in the east of Ukraine and largely controlled by Russia-backed separatists.

Fireworks were set off and people waved Russian flags in Donetsk city centre soon after Putin announced his decision.

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