French President Emmanuel Macron stated on Tuesday that France is prepared to impose sanctions if Russia “confirms non-compliance” with a ceasefire agreement in Ukraine, specifically mentioning potential “secondary sanctions” targeting “financial services” or “hydrocarbons.”
Ukraine, along with its European allies and the United States, delivered an ultimatum to Moscow on Saturday, demanding a “complete and unconditional” 30-day ceasefire starting Monday, and warning that Russia would face “massive new sanctions” if it failed to comply.
Since the invasion of Ukraine began in February 2022, the European Union has imposed 16 packages of sanctions on Russia, with a 17th set to be adopted next Tuesday. So far, the financial and hydrocarbon sectors have largely escaped significant sanctions.
European leaders are currently considering imposing further sanctions on banks that remain connected to the SWIFT network, which manages the majority of global transactions.
The aim is to target financial institutions, especially those in Asia, that have facilitated the circumvention of existing sanctions.
In the oil sector, there is a proposal to sanction major Russian oil companies to force Russia to sell its oil at reduced prices, depriving it of crucial financial resources. Implementing these sanctions could take several weeks, according to a European diplomatic source.
When questioned about the seizure of frozen Russian assets, President Macron reiterated, during an interview on TF1, that there is “no legal framework” to utilise them. He described this approach as “not a good solution”
Macron also noted that the interest generated by these frozen assets has “already been used” to fund aid to Ukraine. He suggested that these funds should be reused to help rebuild Ukraine once the war ends.
