G7 ambassadors reviewed results of Ukraine’s sanctions work and future plans

Ukraine is determined to increase sanctions pressure on the aggressor state and looks forward to continued effective cooperation with partners in sanctions policy. This was discussed at a meeting of First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko with the ambassadors of the G7 countries.

“Ukraine, with the support of its international partners, is determined to continue putting pressure on the russian federation through a comprehensive and coordinated sanctions policy. We hope that through cooperation we will be able to strengthen the effectiveness of the sanctions policy and send a clear and understandable signal to those who seek to undermine our collective security,” said Yuliia Svyrydenko.

During the meeting, Oleksii Sobolev, Deputy Minister of Economy and member of the Interagency Working Group on implementation of the state sanctions policy, briefed the participants on Ukraine’s approach to implementing the sanctions policy, the mechanisms for preparing, processing and imposing sanctions, and the recovery of property from sanctioned persons.

“During the work of the IWG on implementation of the state sanctions policy, sanctions against almost 5,000 individuals and 3,000 legal entities have been developed, approved by the National Security and Defence Council and enacted by Presidential Decrees. Based on the claims filed by the Ministry of Justice, the Higher Administrative Court of Ukraine has already made 16 positive decisions to confiscate the property of the sanctioned persons, and the property has been transferred to the state. In turn, the funds confiscated from the sanctioned entities – totalling UAH 17 billion – have been transferred to a trust fund of the Ukrainian budget to compensate for the damage caused by russian aggression,” said Oleksii Sobolev.

The Deputy Minister of Economy also outlined Ukraine’s plans for sanctions policy in 2023. According to Oleksii Sobolev, the key areas of Ukraine’s work in sanctions policy this year will include:

• identification of assets of sanctioned persons in Ukraine and their subsequent confiscation to the revenue of the state;
• development of a sanctions IT system, including its integration with the systems of the EU and the sanctions coalition;
• strengthening sectoral sanctions against russia;
• assessing the effectiveness of the sanctions already in place, including an analysis of budget revenues from the confiscation of russian assets, the economic impact of sectoral sanctions, and the impact on supply chains and regional trade;
• improving global coordination with partners on sanctions policy, implementing the recommendations developed by the Yermak-McFaul Group.