Context: Alongside military supplies to Kyiv, sanctions have been one of the key planks of the EU’s response to Russia’s full-scale war that began in February 2022. Vast swaths of Russia’s economy are under EU restrictions, in addition to trade bans and measures targeting oligarchs and politicians.

France said on Monday that leaders at a meeting on Ukraine this weekend had asked the European Commission to put together new "massive" sanctions targeting Russia's oil and financial sector if Russia failed to agree a ceasefire.

UK Foreign Secretary David Lammy is set to unveil fresh sanctions targeting Russia as Britain hosts a security meeting of European ministers for the first time.