The following is taken from
Frere Michel's, The Whole Truth About Fatima, Volume 2, p. 464:
THE REQUEST FOR THE CONSECRATION OF RUSSIA
«Then Our Lady said to me: “The moment has come when God asks the Holy Father to make, in union with all the bishops of the world, the consecration of Russia to My Immaculate Heart, promising to save it by this means.”
«“So numerous are the souls which the justice of God condemns for sins committed against Me, that I come to ask for reparation. Sacrifice yourself for this intention and pray.”
«I gave an account of this to my confessor, who ordered me to write what Our Lord willed to be done.»
LATER ON, OUR LORD COMPLAINS
«Later on, by means of an interior communication, Our Lord said to me, complaining: “They did not want to heed My request!... Like the King of France they will repent and do it, but it will be late. Russia will have already spread its errors throughout the world, provoking wars and persecutions against the Church: the Holy Father will have much to suffer.”»
Later in the same Volume, Our Lord says:
“Make it known to My ministers that, given they follow the example of the King of France in delaying the execution of My request, they will follow him into misfortune. It will never be too late to have recourse to Jesus and Mary.”
It's not too late.
I have also heard that the Pope intends to perform the consecration in union with all the bishops of the world. I am waiting for confirmation of this.