Western Sanctions Bite Russia’s Economy, Macron Says

(MENAFN) Western economic restrictions are finally inflicting significant damage on Russia's economy, French President Emmanuel Macron declared Monday, asserting that escalating financial pressure is bolstering Ukraine's position entering pivotal peace negotiations in London.

Addressing reporters alongside Ukrainian President Volodymyr Zelenskyy before discussions that would include British Prime Minister Keir Starmer and German Chancellor Friedrich Merz, Macron emphasized that punitive measures recently implemented by the EU and United States were producing substantial economic consequences for Moscow.

"The fact that Ukraine is resisting in this war, and the fact that the Russian economy is starting to suffer, especially after our latest sanctions and the US sanctions, is important," Macron said.

He indicated this economic strain generated favorable conditions for unified diplomatic action.

"The main issue now is convergence between European, Ukrainian and US positions to finalize these peace negotiations under acceptable conditions for Ukraine, for the Europeans and for collective security."

Starmer, convening the summit, emphasized Europe's unwavering position.

"We stand with Ukraine. If there is to be a ceasefire, it must be a just and lasting ceasefire," he said, adding that the principles guiding European support "have held for a very, very long time."

Merz acknowledged the outcome of the negotiations "remains open," but cautioned Europe must maintain resolve.

"We remain strongly behind Ukraine because the destiny of this country is the destiny of Europe," he said. Merz said he was "skeptical about some of the details" seen in US documents but said Europe's commitment to Kyiv "should not be doubted."

Meanwhile, Zelenskyy expressed appreciation to European leaders orchestrating the summit, stressing the significance of such gatherings to address "very sensitive issues."

He emphasized unity between Europe and Ukraine, as well as unity between Europe, Ukraine, and the US, is important.

"There are some things which we can't manage without (the) Americans, (and) things which we cannot manage without Europe. That's why need to make some important decisions," Zelenskyy added.

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