UNITED NATIONS, March 24 -- The UN Security Council said on Tuesday it will impose any sanctions that may be appropriate to respond to the situation in South Sudan considering that the current situation is serious and urgent.

In a presidential statement adopted here, the Security Council expressed its profound disappointment that President Salva Kiir, former Vice President Riek Machar and all parties in South Sudan have failed to conclude an agreement on the transitional arrangements.

"In this context the Security Council reiterates its willingness to impose sanctions against those who threaten the peace, security or stability of South Sudan," said the statement.

Kiir and Machar signed the latest agreement on Feb. 1 to conclude the negotiations by March 5 towards establishing a transitional government no later than July 9 of this year. However, they failed to strike a peace deal after days of talks in the Ethiopian capital of Addis Ababa earlier this month.

Before their talks concluded, the UN Security Council adopted a U.S.-backed resolution to impose targeted sanctions on those who would threaten peace, security and stability of the country.

In the presidential statement, the council also called for rapid establishment of a panel of experts to assist the South Sudan Sanctions Committee, established in the resolution, by providing the committee with relevant information concerning sanction measures.

The council also reaffirmed that it shall be prepared to adjust the measures contained in the resolution, including by strengthening through additional measures, as well as modification, suspension or lifting of the measures, said the statement.

Political in-fighting between Kiir and Machar started in mid- December 2013 and subsequently turned into a full-fledged conflict. Overall, the crisis has uprooted some 1.5 million people and placed more than 7 million at risk of hunger and disease.