The French president's comments echoed those by German Chancellor Merz, who said European allies would roll out "a significant tightening of sanctions" on Russia if Putin does not agree to a ceasefire.

The ultimatum from Berlin comes as Ukraine said Russia was still carrying out attacks along the front line, despite a ceasefire proposal agreed on the weekend among Kyiv's allies for a 30-day ceasefire to start Monday. The Kremlin said such an ultimatum "is unacceptable for Russia."

MOSCOW: US President Donald Trump and his Russian counterpart Vladimir Putin were still "maybes" for what could be the first direct peace talks between Moscow and Kyiv in years after the Kremlin on

French President Emmanuel Macron said on Tuesday he was in favour of imposing new sanctions on Russia in the coming days if Moscow failed to respect a ceasefire, mentioning financial services and oil and gas as possible targets.

Explore why Western sanctions against Russia failed to deliver promised outcomes, examining economic resilience, policy miscalculations, and alternative trade developments.

Also in today’s newsletter, Modi claims Indian military ‘superiority’ over Pakistan, and China’s CATL to raise at least $4bn

BRUSSELS (Reuters) -The Russian economy is in an increasingly precarious state as a result of a shift to a war mode and of Western sanctions over Moscow's invasion of Ukraine, a report by the Stockholm Institute of Transition Economics (SITE) said on Tuesday.

Russia has spent most of its National Wealth Fund in the past few years, with liquid funds potentially being depleted in 2025, one economist says.