EU leaders urge China to use its influence to stop Putin.

• In an interview with CNBC on Thursday, Italian Prime Minister Mario Draghi stated that China is the most crucial country and can play a pivotal role in the peace process.
• Sanna Marin, Finland's Prime Minister, stated that China is a significant player and it is crucial to ensure that China takes the correct side in this war.
• On Thursday, the 27 EU leaders will discuss the possibility of imposing new sanctions on Russia.

In Brussels, Belgium, EU leaders conveyed a unanimous message to Beijing regarding new sanctions against Russia: to put an end to President Vladimir Putin's actions.

Russian authorities have so far refused to fully condemn China's unprovoked invasion of its neighbor and have supported Beijing's complaints about NATO expansion.

Officials from the United States have stated that Russia sought military and economic assistance from China, which has been denied by both the Kremlin and Beijing.

Italy's Prime Minister Mario Draghi stated on CNBC Thursday that China is the most important country and can play a crucial role in the peace process, possessing significant leverage.

Arturs Karins, Latvia's Prime Minister, stated on CNBC that China must choose between supporting Russia, who is waging war against Ukraine and bombing civilians, or working with Europe, the U.S., and western democracies.

Sanna Marin, Finland's Prime Minister, labeled China a "major player" and emphasized the importance of the European Union ensuring that China takes the correct stance in the ongoing conflict.

If China assists Russia, then sanctions won't function as we desire them to.

Moscow has been subjected to sanctions by the European Union, the U.S., the U.K., Canada, and others due to its invasion and ongoing conflict in Ukraine.

The Institute of International Finance predicts that the Russian economy will experience a 15% contraction this year, followed by a 3% drop next year, resulting in the loss of 15 years of economic growth.

However, further economic pain could be on the way.

On Thursday, the U.S. declared that it intends to impose sanctions on approximately 400 Russians, while the 27 EU leaders are currently discussing the possibility of implementing new penalties during their two-day meeting in Brussels.

According to CNBC, Josep Borrell, the EU's Foreign Affairs Chief, stated that he anticipates new instructions from the heads of state on how to intensify the application of sanctions, including personal and sectoral sanctions.

European leaders are unlikely to impose a complete ban on Russian oil at this time.

While some EU member states, including Poland and the Baltic nations, support an immediate ban; other countries are hesitant to act due to concerns about economic repercussions.

Kaja Kallas, Estonia's Prime Minister, stated that the problem lies in the differing levels of dependence on Russian energy among nation-states and the potential consequences of an oil embargo on European citizens.

Unfortunately, Europeans' patience for their own conveniences may not be as long as it needs to be for governments to implement more sanctions, as every country is dependent on public opinion.

She emphasized the importance of public support and understanding that challenging times are ahead.