'Putin did not show up' — EU to adopt Russian sanctions on May 20 after Putin snubbed peace talks with Zelensky

The European Union will adopt sanctions against Russia on May 20 in response to Russian President Vladimir Putin's declining to attend face-to-face talks with Ukrainian President Volodymyr Zelensky, German Chancellor Friedrich Merz said on May 15.

"The fact that President Zelensky nonetheless traveled to Istanbul is a significant gesture of goodwill. Putin did not show up — and by doing so, he alone placed himself in the wrong," Merz wrote on X.

"A new sanctions package is ready. We will adopt it on Tuesday in Brussels," Merz added.

EU ambassadors on May 14 agreed on the bloc's 17th package of sanctions against Russia, primarily targeting its shadow fleet of oil tankers.

The measures target almost 200 ships of Russia's shadow fleet, 30 companies involved in sanctions evasion, and 75 sanctions on entities and individuals linked to the Russian military-industrial complex, a senior EU official speaking on condition of anonymity told the Kyiv Independent.

Russian assets could be confiscated if there is a legal framework to do so, Merz said, adding that the issue is "currently being clarified."

"If there is a way to mobilise the money on a sound legal basis, we will do it. However, we must also be aware of the risks that such a step entails for the European financial market," Merz said.

The EU, along with the Group of Seven (G7) nations, holds a total of around $300 billion in frozen Russian assets. Most of the funds, about $198 billion in Russian central bank reserves, are currently frozen in Belgium.

"We are discussing further sanctions in the energy sector, in the banking sector, and also further steps regarding assets and sanctions against individuals," Merz said.

European leaders have been wary of confiscating frozen Russian assets out of fear it would undermine trust in the euro and the EU's banking system.

Direct peace talks between Ukraine and Russia were expected to begin on May 15, but are now slated to begin on May 16, according to Russian officials.

Moscow announced that their delegation would be headed by presidential advisor and propaganda architect, Vladimir Medinsky.

Putin himself will not be attending, despite calls from Zelensky and various world leaders for him to attend peace talks in Istanbul.

The delegation is notably void of the Kremlin's top politicians, including Russian Foreign Minister Sergey Lavrov and Putin's foreign policy aide, Yuri Ushakov.

Estonian Foreign Minister Margus Tsahkna on May 15 described Putin's decision to send junior aides for peace talks with Ukraine in Istanbul as a "slap in the face."