The European Union must focus on a new sanctions package to suffocate Russia's economy and force President Vladimir Putin to end the war in Ukraine, France's foreign minister said.

Warming relations between Washington and Moscow may mean an end to sanctions against Russia. For some Russians, that isn’t a wholly welcome prospect.

The EU is preparing new sanctions on Russia despite a potential meeting between Vladimir Putin and Volodymyr Zelenskyy on Thursday, three sources told CNBC.

The French president's comments echoed those by German Chancellor Merz, who said European allies would roll out "a significant tightening of sanctions" on Russia if Putin does not agree to a ceasefire.

The ultimatum from Berlin comes as Ukraine said Russia was still carrying out attacks along the front line, despite a ceasefire proposal agreed on the weekend among Kyiv's allies for a 30-day ceasefire to start Monday. The Kremlin said such an ultimatum "is unacceptable for Russia."

Latest measures come as European leaders threaten further action to force Vladimir Putin to the negotiating table.

The Estonian Navy said it attempted on Tuesday to detain a Russia-bound oil tanker under sanction by Britain, saying it sailed illegally without a flag, but did not board it when it refused to cooperate,

Explore why Western sanctions against Russia failed to deliver promised outcomes, examining economic resilience, policy miscalculations, and alternative trade developments.

Also in today’s newsletter, Modi claims Indian military ‘superiority’ over Pakistan, and China’s CATL to raise at least $4bn