The FINANCIAL -- TEL AVIV, Israeli Prime Minister Benjamin Netanyahu has warned the Palestinian leadership that any move to unilaterally declare independence could lead to "one-sided steps on the part of Israel."

Palestinian officials said on Sunday they intended to ask the United Nations Security Council to recognize the independence of the West Bank, East Jerusalem and the Gaza Strip. The West Bank-based officials said the move was due to a lack of progress in peace talks with Tel Aviv. Palestinian officials have expressed disappointment that the U.S. President Barack Obama has failed to pressure Israel on West Bank settlement construction.

"There is no substitute for negotiations between Israel and the Palestinian Authority," Netanyahu said, as quoted by his press service. "Any unilateral action would only unravel the framework of agreements between us and can only lead to one-sided steps on the part of Israel."

He did not clarify what "steps" Israel might take.

"Everyone knows this will not go to the Security Council without the green light from the U.S.," Al Jazeera's senior political analyst said, as quoted on the news channel's English language website. "If the U.S. gives the green light, it means the relations between the U.S. and Israel are in trouble."

"The U.S. and Israel have avoided the Security Council for more than 16 years. To go back to it today, would be a major shift, a game changer in the diplomatic process," Marwan Bishara added.

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