Stronger sanctions and military power can push Russia to peace — Ukraine's FM

"The first step is further strengthening of sanctions. There are still many sectors and areas where we can increase this pressure. It must become devastating for the Russian economy," Sybiha said.

According to him, one of the most painful measures for Russia in this area would be lowering the price cap on oil.

"Our position is that the price cap should be set at $30. We've communicated this vision to our partners, and it really needs to be a decision made at the G7 level or within the G7 format," the minister said.

He emphasized that Ukraine strongly hopes such decisions will be adopted at the upcoming G7 summit in Canada.

"The factors that can compel Russia to peace include sanctions and frozen assets. What's needed is more will and determination. One of the decisions we expect from the G7 is further isolation of Russia," Sybiha added.

Ukraine's Foreign Minister also stressed that Russia's return to the international arena must not be legitimized without the achievement of a just peace.

"The second key factor that can influence and pressure Russia is the strengthening of Ukraine — our defense capabilities, our military industry, and our army. We need a strong deterrence package so that every additional day of aggression becomes more costly for Russia," the minister said.

Russia's ultimatum on ending the war

Previously, Russia rejected a US-proposed idea to implement a ceasefire with Ukraine for at least 30 days without preconditions.

Last week, during the second round of talks in Istanbul, Russia handed Ukraine a memorandum that effectively amounted to an ultimatum.

Specifically, the aggressor state demanded that Ukraine begin the withdrawal of its forces from Donetsk, Luhansk, Zaporizhzhia, and Kherson regions as a condition for any ceasefire.

Ukrainian President Volodymyr Zelenskyy stated that Russia has rejected all peace initiatives offered to it — and must be held accountable for that.