France will put in place appropriate and targeted sanctions against Russian interests, the country's finance minister Bruno Le Maire said on Tuesday.

"We are going to implement appropriate and targeted sanctions against Russian intestes with our European partners," Le Maire told journalists during his visit to a Louis Vuitton workshop, adding France reserved the right to "step up" the sanctions if President Vladimir Putin went further in his actions.

The United States and its European allies were set to announce fresh sanctions against Russia on Tuesday after President Vladimir Putin recognised two breakaway regions in eastern Ukraine, deepening Western fears of a new war in Europe.