Depends what they recognise, which they haven't made clear yet. If it's the autonomous people's republics within their present borders, that's one thing. If the recognise the separatists' right to control whole of Donetsk Region and Luhansk Region, which they lay claim to but large parts of which are under the control of Ukrainian forces, then it implies military action.
That's because the only way the additional territory can be united with the current Donetsk and Luhansk pseudo-states is for Russian troops to go in and kick the Ukrainian forces out. The pretext would presumably be protecting ethnic Russians from potential harm at the hands of the Ukrainian army. This is what I think is going to happen.
If it does, the question then becomes whether they stop with Donetsk and Luhansk Regions, which have always been the most Russian-influenced parts of Ukraine aside from Crimea, or whether they'll push further. Other ethnic Russians who need protection further afield can always be rustled up if needed.