French President Emmanuel Macron said on Tuesday he was in favour of imposing new sanctions on Russia in coming days if Moscow failed to agree to a ceasefire, mentioning financial services and oil and gas as possible targets.

A 30-day ceasefire is necessary to initiate dialogue, but it won't be enough time for Russia to regroup, said Ukrainian President Volodymyr Zelenskyy at a press conference. According to him, this period is not sufficient for a full restoration of forces,

Ukrainian President Volodymyr Zelenskyy comments mark the latest move in a weekend-long exchange of proposals from both sides on the next steps in the U.S.-led peace effort.

European leaders say Russia's failure to join a ceasefire offered by Ukraine would lead to further sanctions on Moscow.

The announcement was made by leaders of Britain, France, Germany, Poland and Ukraine after a meeting in Kyiv, and a phone call with President Trump.

Moscow had discussed reviving the gas pipeline in talks with President Trump on improving economic ties with Washington.

The weapon is made with a model aircraft engine available for approximately $16,000, according to the Ukrainian Main Intelligence Directorate.

The Kremlin brushed off the threat of further sanctions, saying that “the language of ultimatums is unacceptable.”