Sanctions are becoming an increasingly important element in the fight against russian aggression and the world must step up sanctions pressure on russia. This belief was expressed by First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko in her speech at an inaugural Sanctions Coordinators Forum in Brussels on February 23, 2023.

According to the First Deputy Prime Minister, the intensity of the struggle on the sanctions front is similar to that of a battlefield: russia is trying to circumvent restrictions in the financial and energy spheres, as well as in the supply of equipment necessary for the production of its weapons. In different countries, networks of firms are working to circumvent sanctions.

“This means that sanctions are a natural part of the military and security response to russian aggression. That we have clearly and correctly identified the main areas of sanctions, in particular, sanctions on dual-use equipment and restrictions on revenues to the russian budget. And that our coordinated approach to further strengthening the sanctions pressure is an increasingly important tool in the package of measures to stop russian aggression,” said Yuliia Svyrydenko.

The First Deputy Prime Minister – Minister of Economy of Ukraine emphasized that a crucial area of coordinated sanctions policy should be further reduction of russia’s revenues from raw materials. In particular, it is necessary to:

• expand sectoral sanctions on steel and raw materials, etc.;
• develop a global approach to restrictions on imports of russian diamonds;
• reduce the price ceiling for crude oil;
• change views on the possibility of sanctions against the russian nuclear power industry and begin to restrict this sector.

“In a recent speech, putin instructed rosatom, together with the defense ministry, to test russian nuclear weapons. This is a clear signal that they are deliberately involving an entity that is not yet under sanctions because of the sensitivity of its technology and integration into the global market. At the same time, rosatom is being used to occupy the Zaporizhzhia NPP, and the company is positioning itself in russia as an enterprise that can supply equipment for missile production. And finally, it tests nuclear weapons. The reason for this behavior is the absence of russian nuclear energy in the sanctions list. It is time to change our approach,” emphasized Yuliia Svyrydenko.

According to the First Deputy Prime Minister, special attention should also be paid to ending the existing schemes of circumventing sanctions and preventing the new ones, especially those intended to supply russia with components and equipment for weapons production.

“The trend here is clear – at some point we all have to block the export of any equipment, without distinguishing between luxury goods and goods that can be used in the military,” said Yuliia Svyrydenko.

The First Deputy Prime Minister – Minister of Economy of Ukraine briefed the participants of the Sanctions Coordinators Forum on steps taken by Ukraine in the field of sanctions policy.

According to Yuliia Svyrydenko, the establishment of the Interagency Working Group on the Implementation of the State Sanctions Policy in September last year has helped speed up the decision-making process and improve the quality of factual information.

Ukraine has imposed an embargo on the import and export of goods to russia. And among the types of sanctions defined by law is the forfeiture of assets of sanctioned persons to the revenue of the state. So far, there are twelve relevant decisions of the High Anti-Corruption Court.

According to Yuliia Svyrydenko, the coordination of countries’ efforts and exchange of information have contributed to the effectiveness of the sanctions policy. Therefore, this cooperation will only deepen.

“We need to increase the pressure on russia even more and strengthen sanctions. Last year, russia’s economy fell moderately. This year, the effect of sanctions is more noticeable. But in order to win, we need to impose more sanctions,” said Yuliia Svyrydenko.