Russia’s economy is under growing strain as its invasion of Ukraine drags on and Western sanctions are undermining President Vladimir Putin’s ability to sustain his war, a leading European economist said after briefing finance ministers on Tuesday.

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.

European Union countries are reportedly in preliminary agreement on a new package of sanctions against Russia. "However, this is a very weak package," diplomats unofficially admit, stating that EU countries have reached the limit of their ability to adopt more extensive economic sanctions.