EU set to target Kremlin’s wallet: Future depends on Putin and Istanbul negotiations
Photo: French Minister of Foreign Affairs Jean-Noël Barrot (Getty Images)
The EU is preparing new large-scale sanctions against Russia, targeting its oil and financial systems. Their implementation will depend on the results of potential negotiations in Türkiye and the position of Russian President Vladimir Putin, states French Foreign Minister Jean-Noël Barrot, according to Reuters.
According to Barrot, the leaders of the Coalition of the Willing, after their trip to Kyiv last weekend, called on the European Commission to develop new "massive" sanctions against Russia if Moscow does not agree to a ceasefire.
The minister added that, while the EU is working on the 17th sanctions package against Russia, work has already begun on even harsher measures.
"What we are preparing are additional sanctions which target the energy and financial sector. We asked this weekend for the European Commission to prepare new, more important sanctions to force Russian President Vladimir Putin into a peace logic," Barrot said.
Negotiations in Türkiye and Putin's position
At the same time, European countries are calling for a ceasefire before any negotiations begin, warning of potential coordinated sanctions from the US and the EU. However, diplomats say that now everything will depend on whether negotiations between Russia and Ukraine take place on Thursday in Türkiye and what results they will lead to.
"We support the idea of a contact between President Zelenskyy and President Putin. Putin proposed direct contact with Zelenskyy, and Zelenskyy accepted, so Putin must keep to his part of the contract and go to Istanbul on Thursday," said Barrot.
He also added that serious negotiations require a ceasefire, as it is impossible to hold talks amid airstrikes and drone attacks.
"We are preparing powerful and massive sanctions if he doesn't accept a ceasefire," the minister emphasized.
He also mentioned that potential European sanctions are being coordinated with the US sanctions bill being prepared by senators. The bill proposes tariffs of 500% on Russian oil imports to third countries.
Europe's ultimatum
After the Coalition of the Willing meeting in Kyiv, Ukraine announced it was ready for a ceasefire for at least 30 days, starting from May 12.
However, Russian President Vladimir Putin rejected such a truce. Instead, he proposed to continue negotiations in Istanbul on May 15, resuming from where they left off in 2022.
European leaders at the meeting in Kyiv on May 10 warned Russia that they were ready to impose tough sanctions if it did not agree to a ceasefire.
Today, Germany emphasized that Russia has until the end of the day to agree to a 30-day ceasefire with Ukraine, or Europe will prepare new sanctions against Russia.
This ultimatum was supported by French President Emmanuel Macron. He stated that Russia "is either serious and wants peace, or it is not serious, and we must impose even more sanctions."
