The European Union is preparing a new round of sanctions targeting Russia’s energy and financial sectors in an effort to force President Vladimir Putin into a 30-day unconditional ceasefire in Ukraine, European Commission President Ursula von der Leyen said on Friday.
Speaking ahead of a summit of European leaders in Tirana, von der Leyen cited Putin’s refusal to meet Ukrainian President Volodymyr Zelensky in Turkey as evidence of Moscow’s unwillingness to engage in meaningful peace talks.
"President Zelensky was ready to meet. President Putin never showed up. This shows his true belief: he does not want peace," von der Leyen said. "For us, it’s important that we want peace. And therefore, we must increase the pressure on President Putin until he is ready for it."
The proposed sanctions package will focus on Russian banks—many already under heavy restrictions—as well as the defunct Nord Stream 1 and 2 gas pipelines, which once supplied Europe but were sabotaged in 2022. A Commission spokesperson said measures against Nord Stream would deter future investment in the controversial project.
Brussels also aims to lower the G7-imposed price cap on Russian crude oil, currently set at $60 per barrel. The cap, introduced in December 2022, restricts Western companies from providing insurance, financing, or shipping services for Russian oil sold above the threshold. Despite market fluctuations and widespread evasion tactics, the cap has remained unchanged.
Earlier this year, Nordic and Baltic EU members pushed for a stricter cap to further curb Moscow’s energy revenues. Von der Leyen did not specify a new price level but acknowledged that any adjustment would require U.S. approval. A Commission spokesperson said Brussels would coordinate with Washington to ensure "aligned action."
To circumvent the cap, Russia has relied on a "shadow fleet" of aging tankers with opaque ownership and insurance structures. These vessels have been accused of deceptive practices, including falsifying data, disabling transponders, and conducting ship-to-ship transfers to obscure oil origins. The EU has already blacklisted over 350 such vessels and plans further restrictions.
"These sanctions are biting," von der Leyen said. "Russia’s oil and gas revenues have fallen by nearly 80% since before the war. Its deficit is soaring, interest rates are prohibitively high, and inflation remains above 10%. We are ready to do more to bring Putin to the table."
The Commission’s push comes two days after EU ambassadors approved a 17th sanctions package, which was narrow in scope and lacked significant new economic measures. Meanwhile, a self-declared "Coalition of the Willing" had set a Monday deadline for Russia to accept a temporary ceasefire—a demand that passed without compliance or immediate consequences.
Zelensky, also attending the Tirana summit, reiterated the need for sustained pressure. "We need a full stop to the killing, long enough to give diplomacy a real chance," he said.
In Washington, bipartisan efforts are underway to impose steep tariffs on nations buying Russian oil, gas, or uranium—a move that could affect some EU members still reliant on Moscow. Meanwhile, Brussels is exploring tougher trade measures, which could bypass vetoes from Russia-friendly members like Hungary and Slovakia by requiring only a qualified majority.
As talks between Russian and Ukrainian negotiators resumed in Istanbul this week—their first direct meeting in over three years—Western leaders dismissed Moscow’s engagement as insincere.
"Putin made a mistake by sending a low-level delegation," said NATO Secretary-General Mark Rutte. British Prime Minister Keir Starmer added, "What we saw is yet more evidence that Putin is not serious about peace."
German Chancellor Friedrich Merz stressed the need for transatlantic unity, warning, "We cannot replace what the Americans still do for us on this continent."
With diplomatic efforts stalling, the EU’s next steps hinge on whether renewed economic pressure can alter Moscow’s calculus—or if the war’s deadlock will persist.