Europe set to step up its pressure on Russia

Foreign ministers from major European nations expressed readiness to increase pressure on Russia, including potential new sanctions targeting the energy and banking sectors, to undermine its war efforts in Ukraine.

Foreign Ministers of France, Germany, Italy, Poland, Spain, and the United Kingdom as well as the High Representative of the European Union issued a joint statement on Thursday following the Rome meeting. The NATO Secretary General and the Ukrainian Foreign Minister also joined the gathering.

"We reiterated our readiness to step up our pressure on Russia as it continues to refuse serious and credible commitments, including through further sanctions and countering their circumvention," the foreign ministers' statement said.

The Rome meeting occurred amid escalating Russian attacks on Ukraine, which Moscow claims are in retaliation for recent Ukrainian strikes inside Russia. Earlier this month, representatives from both sides met in Istanbul for inconclusive peace talks that failed to produce a ceasefire, despite calls from Ukraine, European allies, and the U.S.

The Europeans said on Thursday they were "ready to swiftly adopt new measures (notably in the energy and banking sectors) aimed at undermining" Russia's war effort.

They stressed they would keep frozen Russian sovereign assets in their jurisdiction "until Russia ceases its aggression and pays for the damage it has caused."

"We are prepared to enhance our support, including through improving defence industrial cooperation with Ukraine, and exploring additional forms of security and defence cooperation," the statement said, without elaborating.

They expressed committment to supporting Ukraine’s economic stability under its IMF programme, ensuring it has sufficient fiscal assistance for 2026 and beyond, and its recovery and reconstruction, in close coordination with our international partners.

The Ukraine Recovery Conference, which will be hosted by Italy in July 2025, will represent a pivotal moment for advancing such efforts.

Additionally, European foreign ministers reiterated the importance of strengthening European defence capabilities by increasing national security and defence spending in a flexible and sustainable way, enabling effective deterrence and defence across all domains in the Euro-Atlantic area.

"The Atlantic Alliance remains the cornerstone of our collective defence. The NATO Summit in The Hague will demonstrate our unity, based on an enduring transatlantic bond, an ironclad commitment to defend each other, and fair burden-sharing. The Summit must take further decisions to build a stronger Alliance, prepared to defend every inch of the Allied territory," -the statement said.

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