Russia’s economy is showing “serious cracks” and the West must intensify sanctions to put Ukraine in the best possible position for a peace deal, Finland’s foreign minister has said.

In an interview with The Telegraph, Elina Valtonen, who was in London for talks with the Foreign Secretary,  urged Western nations to “keep up the economic pressure” on Russia in the critical months to come

“We see that sanctions are working,” Ms Valtonen said, “Russia’s economy is showing some serious cracks”.

“We just need to be wrapping things up so that there could be peace, hopefully later in the year.”

New push against Moscow’s ‘shadow fleet’

The minister’s remarks came amid a fresh push to curtail the “shadow fleet” of ageing, uninsured tankers Russia uses to circumvent Western sanctions.

Moscow relies on around 600 such vessels to covertly carry its oil and gas around the world, undermining the EU and G7 price cap on its fuel and petroleum products.

Its treasury has earned more £650 billion from exporting oil and gas since the war began in 2022.

In December, 12 European countries including the UK and Finland agreed to begin requesting proof of insurance from suspected shadow fleet vessels as they pass through the English Channel and the seas around Denmark, Sweden and Finland.

If implemented effectively, the additional checks could disrupt the fleet’s money-gathering operations.

Economists have highlighted signs of strain in the Russian economy in recent months, such as the central bank’s decision to raise its key interest rate to 21 per cent.