The EU warns of "massive sanctions" against Russia if there is no truce.

The European Union could target Russia's banking and oil sectors if Moscow does not accept a 30-day ceasefire to launch negotiations with Ukraine, French Foreign Minister Jean Noël Barrot warned Sunday.

If Russian President Vladimir Putin "does not accept the ceasefire, we will have to go further with a new package of sanctions and target the financial and oil sectors," Barrot said in an interview with public broadcaster France Inter.

Barrot noted that work is already underway in the United States in this regard, as Republican Senator Lindsey Graham, an ally of President Donald Trump, has the support of more than 70 senators for a bill that would impose 500% tariffs on countries that purchase oil, gas, or uranium from Russia.

With that support, the Senate could push the text through even if there were a presidential veto, the French minister noted.

Yesterday's summit of Ukraine and its European allies in kyiv issued an ultimatum to Moscow to accept an unconditional 30-day ceasefire, during which time peace negotiations would be launched.

Otherwise, Moscow was warned of further "massive sanctions."

Putin proposed today to begin direct negotiations with Ukraine next Thursday in Istanbul, but without a ceasefire.

Barrot considered this to be "a move in the right direction," although he considered it insufficient, since "you don't negotiate under the influence of bombs."

He recalled that three years ago, both sides were holding talks in Türkiye when the massacre of Ukrainian civilians in Bucha took place.

"Yes to negotiations, but a ceasefire first," he reiterated.

Barrot expressed his "convincibility" that Washington will promote the launch of negotiations after the Kiev meeting marked "a decisive step" toward peace.