The EU will wage a total "economic and financial war" against Russia, said French Finance Minister Bruno Le Maire.
Russia will face a collapse of its economy amid the full force of sanctions from the European Union and the United States unleashed against it, Le Maire told France Info radio on Tuesday.
Bruno Le Maire also said that he would discuss with the leaders of TotalEnergies and Engie their activities in Russia amid Moscow's ongoing actions in Ukraine.
On Monday, the French Economy and Finance Minister said Paris would be identifying Russians who have properties in France as the new package of EU sanctions is unleashed.
"We will also identify all Russian individuals who have a property in France who could be added to the European sanctions list due to their links to the Russian authorities. We will equip ourselves with legal means to seize all their property," Le Maire said following a meeting of the defence council.
The French announcements come as on Sunday, President of the European Commission Ursula von der Leyen announced the European Union's intention to ban state-owned Russian media outlets, including RT, Sputnik and their subsidiaries, as part of new sanctions imposed on the country amid its special military operation in Ukraine.
Instagram has restricted access to multiple accounts that belong to Sputnik News Agency, according to an e-mail distributed late on Monday by the platform.
Furthermore, the TikTok accounts of Russia-affiliated media resources, including RT and Sputnik, are now unavailable to users in the European Union, according to reports, with Sputnik correspondents in Spain and Germany confirming denied access in the early hours of Tuesday, local time.
Amid the unprecedented media crackdown, Brussels is also determined to send additional weapons supplies to Ukraine, despite the US and its NATO allies already pumping nearly $3 billion in military assistance into Kiev since the 2014 Maidan coup d'etat.
Brussels is also to sanction Belarus and any other country found to be "collaborating" with Russia on Ukraine, European Union foreign policy chief Josep Borrell said at a meeting of EU defence ministers on Monday.
Moscow launched its special military operation in Ukraine to demilitarise and denazify the country after the Donetsk and Lugansk People's Republics' authorities asked for assistance to defend themselves against persistent attacks by Ukrainian troops. Russian Defence Ministry has said that the operation is targeting the military infrastructure of Ukraine only and that the civilian population is not in danger.
However, the US and its allies in Europe and Asia condemned the Russian operation as an unprovoked "invasion" and slapped Moscow with new sanctions.