The new sanctions would include "national measures to freeze the financial assets of Russian figures", as well as "new measures" to be taken "with European partners concerning the SWIFT" interbank system, it said in a statement, after President Emmanuel Macron chaired a defence meeting.

There would also be "measures to counter propaganda by Russian influencers and media on European soil", it said, without providing further details.

SWIFT's messaging system allows banks to communicate rapidly and securely about transactions, and cutting Russia off would cripple its ability to trade with most of the world.

But that could complicate remaining trade with Europe, including natural gas imports vital to the continent's energy supply as well as oil shipments.

Paris has been backed by other European capitals in pushing for the SWIFT sanctions, but Berlin has been more reluctant.

Germany however said Saturday it was also working to exclude Russia from SWIFT.

Russian gas makes up a higher share of Germany's energy supplies than other European countries.