Macron: We are ready to use sanctions to bring Putin back to negotiating table
Photo: French President Emmanuel Macron (Vitalii Nosach, RBC-Ukraine)
French President Emmanuel Macron and German Chancellor Friedrich Merz are promoting the idea of secondary sanctions against Russia. In their view, this would allow pressure on the Kremlin, as US peace efforts are failing, Bloomberg reports.
Macron and Merz are calling for measures to hit Russia’s military machine and prevent the country from earning revenue from oil sales. They insist on sanctions targeting companies from third countries that help Russia finance the war in Ukraine.
"We will continue to exert pressure for additional sanctions to be imposed by ourselves — and we are prepared to do so — but also by the US, to force Russia to return to the negotiating table," Macron said during a joint press conference with Merz.
The outlet notes that European leaders are losing patience amid US President Donald Trump’s complete unwillingness to confront Russian leader Vladimir Putin.
Allies believe that the threat of EU secondary sanctions will force Trump to follow through on his promises to increase pressure on Russia. The deadline set by Trump for the Kremlin is expiring; instead of negotiating peace, Russia responded with a powerful missile and drone strike on Kyiv.
"In America, right now they’re discussing further tariffs. I would welcome it very much if the American government could make a decision on enforcing those on other nations whose purchases of oil and gas finance a large part of Russia’s war economy," Merz added to Macron's statement.
Russian economy spiraling into crisis
Meanwhile, the Russian government has acknowledged that economic growth has stalled. Over six months, growth rates fell elevenfold, and entire industries have already slipped into recession; even the defense sector has lost momentum.
Russian oil revenues have also collapsed, and the budget deficit in July reached 4.9 trillion rubles—the highest in more than 30 years. Moreover, trade volumes with China, one of the main funders of the war in Ukraine, fell significantly for the first time in several years.
Reuters also reported, citing sources, that Putin is increasingly concerned about the state of the Russian economy amid the war. While the Russian economy is still able to function, it is literally on the edge.
