According to a spokesperson for M23, continued efforts from the Congolese army have also contributed.
As a consequence, our organization can no longer continue to be part of the discussions, says the spokesperson.
The EU had previously announced on Monday that sanctions would be directed against a company and nine individuals, including M23 leader Bertrand Bisimwa and five Rwandans.
The peace talks were planned to begin on Tuesday in Angola's capital Luanda with the country's president João Lourenço as mediator.
The government of Congo-Kinshasa says that despite M23's withdrawal, it will participate in this week's discussions with Angola.
According to the UN, M23 receives support from around 4,000 soldiers from Rwanda. The group took up arms against the government in Kinshasa in 2021 and has since taken large areas of land in the mineral-rich and war-torn eastern Congo.
