BRUSSELS – The European Union has announced plans to escalate sanctions against Russia following the Kremlin's disregard for an ultimatum to establish a 30-day ceasefire in Ukraine.

Paula Pinho, spokesperson for the European Commission, stated, "In the absence of a ceasefire...

we are indeed looking into further sanctions." This announcement comes after leaders from key EU nations including France, Germany, Poland, and the United Kingdom threatened "massive" sanctions if Russian President Vladimir Putin did not agree to halt hostilities by midnight on Monday.

The forthcoming sanctions will supplement the EU's 17th sanctions package, which EU member states' envoys are set to approve on Wednesday.

In a coordinated effort, European finance ministers have urged the Commission to propose an 18th sanctions package, with Lithuania's Rimantas Šadžius emphasizing the need to isolate Russia's banking sector from the global economy and to enforce measures against third-party entities circumventing sanctions.

Sweden’s finance minister, Elisabeth Svantesson, reiterated calls for further restrictions, specifically targeting Russia's oil-exporting vessels believed to be circumventing Western price caps.

Meanwhile, French Foreign Minister Jean-Noël Barrot indicated that a robust sanctions package concerning the energy and financial sectors was in preparation, contingent on Moscow's willingness to agree to a ceasefire.

The proposed sanctions could involve substantial tariffs, with Barrot suggesting a 500% tax on Russian oil imports.

The existing 17th sanctions package features asset freezes and visa bans for Russian officials and introduces export restrictions, along with listings of companies involved in circumventing sanctions.

Despite the urgency for action, there are concerns regarding Hungary and Slovakia, the EU's members most reliant on Russian energy, which could pose challenges in reaching unanimous consensus on the new sanctions package.

An EU official revealed the bloc is actively developing "workarounds" to the sanctions framework ahead of a key vote on sanctions renewal scheduled for July.

This punitive measure follows Ukrainian President Volodymyr Zelenskyy's proposal to travel to Türkiye for a direct meeting with Putin on Thursday, an offer that has not been publicly acknowledged by the Russian leadership.

However, President Putin has called for "direct talks" without preconditions.

In a parallel development, Russia and Ukraine have agreed to a significant prisoner exchange of 1,000 individuals during recent talks in Istanbul.

However, counter demands for a comprehensive ceasefire remain unmet, and discussions did not yield immediate plans for lasting peace.

Ukrainian President Zelenskyy has asserted that if Russia continues rejecting calls for a ceasefire, the consequent sanctions must be intensified.

The prisoner exchange deal signifies the largest since the onset of Russia's full-scale invasion in 2022, but the lack of progress on broader peace negotiations raises concerns.

As negotiations continue, tensions remain high.

Following the meetings, vocal criticisms emerged from both Ukrainian and Western officials regarding Russia's positions.

Russian delegation head Vladimir Medinsky indicated satisfaction with the talks, asserting that the POW exchange would occur soon.

Though both parties have expressed a willingness to discuss a future ceasefire and to define its terms, the outlook remains uncertain, with no defined timelines established for subsequent discussions.

The Russian government has maintained its stringent demands regarding Ukraine's military and political status, making the prospect of a ceasefire complicated.