France, May 14 -- France is spearheading a renewed European effort to impose sweeping new sanctions on Russia, linking economic pressure to the urgent push for a ceasefire in Ukraine.

France has taken the lead in rallying European Union partners to prepare new sanctions on Russia as hopes for a breakthrough in Ukraine peace efforts hinge on a proposed 30-day ceasefire.

Following a high-stakes weekend of diplomatic talks, French officials are pushing for "massive" penalties that would target Russia's oil and financial sectors should President Vladimir Putin reject the terms of a ceasefire and refuse to engage in peace negotiations.

French Minister for European Affairs Jean-Noel Barrot confirmed Monday that EU leaders had formally asked ...