"We will drastically cut our diplomatic ties with Russia, up to consuls or envoys," he said, adding that Tbilisi would consider a complete termination of relations with Russia in the next few days.
Russian President Dmitry Medvedev signed decrees Tuesday recognizing the separatist Georgian republics of South Ossetia and Abkhazia.
"But accounting for the fact that a great number of Georgians live in Russia, there would probably be no such decision," Yakobashvili said. "We want to act in a civilized way and not throw stones."
The Georgian parliament's foreign affairs committee approved Tuesday a proposal to sever diplomatic relations with Russia.
EU leaders will gather Monday in Brussels, where they are expected to review ties with Russia, which has been criticized by the bloc for recognizing the two republics and for using excessive force in its response to Tbilisi's attack on South Ossetia earlier this month.