"We will not achieve anything through threats," Saudi Foreign Minister Prince Saud al-Faisal, told reporters during a visit to Paris.
The prince spoke after meeting French President Francois Hollande, who on Thursday called for a swift end to a state of emergency imposed by Egypt's military authorities.
EU Foreign Ministers meet in Brussels this week to review what steps to take following a bloody crackdown since Wednesday on Morsi supporters, deposed by the military on July 3. More than 800 people have died in the violence.
"If the situation calms down, very good. If on the contrary violence continues, then we can and we probably must take decisions," France's Foreign Minister Laurent Fabius said on Sunday.
He said that cutting aid would be difficult, as EU money allowed Egyptians to eat and receive medical treatment. However, loans are easier to cut, he added.
Both Hollande and the Saudi minister called for fresh elections in Egypt. Egypt's army has already promised an early presidential vote in a transition plan it set out after Morsi's overthrow.
The United States sharply criticized the violence and cancelled joint military exercises with its ally that had been due next month. But Washington has not cut its USD 1.3 billion military aid and about USD 250 million economic aid to Egypt.
Riyadh was a close ally of Egypt's former leader Hosni Mubarak, toppled by a popular uprising in 2011 that brought Morsi's Muslim Brotherhood to power, and has long feared the spread of the Islamist group's ideology to the Gulf monarchies.
On Friday, Saudi King Abdullah called on Arabs to stand together against attempts to destabilize Egypt, in a message of support for Egypt's military and a clear attack on the Brotherhood.


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