The European Union must focus on a new sanctions package to suffocate Russia's economy and force President Vladimir Putin to end the war in Ukraine, France's foreign minister said.

Russia’s economy is under growing strain as its invasion of Ukraine drags on and Western sanctions are undermining President Vladimir Putin’s ability to sustain his war, a leading European economist said after briefing finance ministers on Tuesday.

"We are waiting for (Russian President Vladimir) Putin's agreement and we agree that if there is no real progress this week, we want to work together at European level for a significant tightening of sanctions," Merz said at a news conference with his Greek counterpart.