Add cranberries, water and sugar to a medium saucepan. Bring to a light simmer over medium heat. Cook for 5 minutes until cranberries are opened up and the sauce is thick. Set aside to cool slightly.
Add champagne, triple sec, pomegranate juice and cranberry juice to a large punch bowl or pitcher.
Stir in cranberry reduction.
Top with sprigs of mint and lime. Serve immediately.