SINGAPORE: Finland has welcomed the latest sanctions imposed by the United States and the European Union on Russia's energy sector but says stronger measures are still needed to force Moscow to end its war in Ukraine.

Speaking to CNA on Tuesday (Oct 28) during her visit to Singapore, Finnish Foreign Minister Elina Valtonen said economic pressure remains one of the most effective tools to weaken Russia's war machine.

"We have to make (Russia's) economy weaker ... in order to force Russia to come to the negotiating table; not only that, but to really agree on a peace deal which lasts, and that is also fair and complies with the United Nations Charter," she said.

"We see that the (sanctions) already in place do work, they are wearing the Russian economy down. So, more sanctions ... more has to be done, we have to be patient."

Last week, the US announced new sanctions on two of Russia's largest oil companies, Rosneft and Lukoil, in a major policy shift. EU member states also approved their 19th package of measures that includes a ban on Russian liquefied natural gas (LNG) imports.

Numerous sanctions are already in place against Russia, dealing a blow to its economy. But their overall effectiveness remains limited, as Moscow has adapted through alternative trade routes, domestic production and partnerships with non-Western countries.

Valtonen said it is important to strengthen sanctions to tighten the stranglehold on Moscow's oil and gas revenues that fund its war efforts, adding that she believes sustained financial pressure will eventually compel the Kremlin to return to peace negotiations.

Finland has significantly increased its military budget in recent years. Helsinki is set to boost defence spending to at least 3 per cent of its gross domestic product (GDP) by 2029, and 5 per cent by 2032, up from 2.4 per cent last year.

This aligns with the North Atlantic Treaty Organization's (NATO) pledge in June to raise defence spending to 5 per cent of member states' economic output by 2035.

More pressure needed to end Russia's war on Ukraine: Finnish FM