European foreign ministers declared on Thursday that they are prepared to escalate pressure on Russia, including by imposing new sanctions targeting the energy and banking sectors, in an effort to weaken Moscow’s war campaign in Ukraine.
The meeting, held in Rome, brought together senior officials from France, Germany, Italy, Poland, Spain, the United Kingdom, and the European Union. NATO Secretary General Mark Rutte and Ukraine’s Foreign Minister Andrii Sybiha were also present.
“We reiterated our readiness to increase pressure on Russia as it continues to reject serious and credible commitments, including through further sanctions and efforts to counter their circumvention,” the joint statement read.
The meeting took place amid Russia’s intensified assaults in Ukraine, which Moscow claims are retaliatory strikes in response to recent Ukrainian attacks on Russian territory.
Peace talks held earlier this month in Istanbul between the two sides failed to produce a ceasefire deal, a key demand from both European allies and the United States.
European officials stated that they are “ready to swiftly adopt new measures—particularly in the energy and banking sectors—aimed at crippling Russia’s war effort.”
They also emphasized their decision to keep Russian sovereign assets frozen within their jurisdictions “until Russia ends its aggression and compensates for the damage caused.”
Around $300 billion in Russian state assets were frozen by the G7 countries after Russia launched its full-scale invasion of Ukraine in 2022. Last year, G7 leaders agreed to provide $50 billion in loans to Ukraine, which would be repaid using profits generated from these frozen assets.
“We are prepared to enhance our support, including by strengthening defense industrial cooperation with Ukraine and exploring other forms of security and defense collaboration,” the statement concluded, without further details.
