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.

The European Union is working on a new sanctions package that will target the Russian financial sector in the latest effort by Ukraine’s allies to place pressure on President Vladimir Putin to negotiate a peace deal to end the war.