1 cup ice cubes, or as needed
2 fluid ounces pomegranate liqueur (such as PAMA®)
1 fluid ounce orange juice
2 fluid ounces dry champagne
1 orange wedge
1 orange peel strip
1 teaspoon white sugar, or as needed
Fill a cocktail shaker with ice; add pomegranate liqueur and orange juice. Cover shaker with lid and shake. Remove lid and slowly pour champagne into shaker; gently stir until mixed. Strain cocktail into a champagne glass.
Squeeze the juice from the orange wedge onto the orange peel. Pour sugar into a small bowl and roll orange peel in the sugar until coated. Float sugar-coated peel in the cocktail.