A group of European leaders agreed at a meeting in Paris on Monday they were ready to give Ukraine security guarantees, but it would be dangerous to conclude a ceasefire without a peace agreement at the same time,

Previously, the EU, alongside the Joe Biden administration before it, led sanctions against Russia after the outbreak of the Ukraine war in 2022. Notably, more than two-thirds of the frozen assets of the Russian Central Bank, which have been frozen by the West, are held within the EU.

A ceasefire deal between Russia and Ukraine would take the sting out of heightened U.S. trade tensions and ease pressure on energy prices and the euro, markets bet, while expectations for defence spending have already sent stocks in the sector surging.

The EU is considering sending tens of thousands of troops to Ukraine to monitor the ceasefire and ensure peace.

Taoiseach Micheál Martin has signalled Ireland would consider providing peacekeepers in Ukraine in the event of a ceasefire being struck with an international mandate.