The French government has said it intends to confiscate all assets of Russian oligarchs in the country subject to EU sanctions, including real estate, as well as luxury yachts and cars, reports the Financial Times, citing Finance Minister Bruno Le Maire.

"We will also identify all Russian citizens with assets in France who could be added to the European sanctions list for links to the Russian government," the minister said Monday at a cabinet meeting.

"We will get legal grounds for the confiscation of all these assets," he said.

Members of the government will be holding meetings this week with representatives of French business to "clearly understand the implications of this crisis for trade, as well as the supply of components and critical metals," Le Maire said.

He also said that the finance ministers of the G7 states will meet on Tuesday to discuss the imposition of sanctions against Russia in connection with the military attack on Ukraine.