Published by Global Banking & Finance Review®
Posted on May 13, 2025
2 min readLast updated: January 23, 2026
The EU is prepared to impose stricter sanctions on Russia if no progress is made in Ukraine this week, focusing on energy and financial markets.
BERLIN (Reuters) - The European Union is ready to impose tougher sanctions on Russia if progress on ending the war in Ukraine is not made this week, German Chancellor Friedrich Merz said on Tuesday, adding a new package of sanctions was prepared.
"We are waiting for (Russian President Vladimir) Putin's agreement and we agree that if there is no real progress this week, we want to work together at European level for a significant tightening of sanctions," Merz said at a news conference with his Greek counterpart.
"We will be looking at other areas, such as the energy sector and also the financial market," he said.
Merz said EU leaders had agreed with Ukrainian President Volodymyr Zelenskiy that he could take part in talks with Russia in Istanbul this week on the condition that Russian bombardment and attacks on civilians in Ukraine must stop.
While saying he admired Zelenskiy's willingness to compromise if it could help a ceasefire, Merz added:
"I believe more compromise and more concessions are no longer reasonable," said Merz.
Greek Prime Minister Kyriakos Mitsotakis said the EU must be at the centre of any peace settlement.
(Reporting by Rachel More and Madeline Chambers and Lefteris Papdimas in Athens; editing by Matthias Williams)
The article discusses the EU's readiness to impose tougher sanctions on Russia if there is no progress in the Ukraine conflict.
The sanctions may target the energy sector and financial markets.
Ukrainian President Volodymyr Zelenskiy may join talks in Istanbul if Russian attacks stop.
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