Finance
Time to suffocate Russia's economy after 17th EU sanctions package, France says
Published by Global Banking & Finance Review®
Posted on May 14, 2025
3 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 14, 2025
3 min readLast updated: January 23, 2026
The EU is preparing a new sanctions package to pressure Russia's economy, with France urging collaboration with the US to end the Ukraine conflict.
By Julia Payne and John Irish
BRUSSELS/PARIS (Reuters) - 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 on Wednesday.
Speaking after the EU adopted a 17th sanctions package, Jean-Noel Barrot said that the impact of sanctions had been insufficient so far, and the bloc needed to work with the United States, where Congress has prepared crippling measures should U.S. President Donald Trump decide to pressure Moscow.
"We are adopting today a 17th sanctions (package)," Barrot told leading news channel BFM TV. "We will need to go further because the sanctions so far have not dissuaded Vladimir Putin from continuing his war of aggression.
"So we must prepare to expand devastating sanctions that could suffocate once and for all Russia's economy."
The 17th package sees some 200 'shadow fleet' tankers sanctioned. Two countries still need to consult their own parliaments on the details but the package is expected to be adopted next week by the bloc's foreign ministers, diplomatic sources said.
The latest tightening of sanctions comes as Moscow and Kyiv may hold their first peace talks in Istanbul on Thursday since the early days of Russia's February 2022 full-scale invasion of Ukraine.
In addition to the ships, the package adds new restrictions on 30 companies involved in the trade of dual-use goods while 75 individuals and entities will be listed for their links to Russia's military industrial complex.
The countries have also agreed to expand the legal base for their sanctions framework on Russian hybrid threats. One of the new measures will allow the EU to sanction fleets that destroy subsea cables and other physical assets. A further 20 entities and individuals were added to this list.
Some European leaders have threatened to impose further sanctions on Russia if Putin does not agree to a ceasefire in Ukraine, but they would face formidable political obstacles and would need U.S. support to succeed, officials and diplomats have said.
Barrot, who will be in Turkey on Thursday for a NATO foreign ministers meeting, said he would hold talks in Turkey with U.S. Senator Lindsey Graham on a U.S. sanctions bill he is putting together.
That bill would impose tariffs of 500% on countries that imported Russian oil, Barrot said.
"Russia has found ways to circumvent the blockage imposed by Europe and the United States so closing the tap would grab Russia by the throat," he said.
Diplomats said discussions on a new EU package would take several weeks and aim to target the banking, financial and energy sector, but would face difficulties in securing the necessary unanimity among the bloc's 27 members.
Under a human rights framework, the EU also agreed on Wednesday to place sanctions on judges and prosecutors involved in the cases against Vladimir Kara-Murza as well as Alexei Navalny, who died in an Arctic penal colony in February last year.
The countries have also agreed on an export ban on chemicals used in missile production, the diplomatic sources said.
(Reporting by Julia Payne and John Irish; Editing by Kate Mayberry)
The article discusses the EU's plans for a new sanctions package to pressure Russia's economy and end the Ukraine conflict.
The new sanctions target 200 'shadow fleet' tankers, companies trading dual-use goods, and impose tariffs on Russian oil.
France's foreign minister, the EU, and the US are involved in discussions about expanding sanctions on Russia.
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