Entire civilized world has joined the efforts to ensure stability of our energy system, – Yuliia Svyrydenko

Strengthening sanctions pressure on the aggressor state, international support for Ukraine in restoring its economic and energy potential, a program for the exchange of ordinary lamps for LED ones – these topics were the focus of an online briefing by First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko on December 22.

“The entire civilized world has joined the efforts to ensure stability of our energy system in winter. Last week, our international partners announced assistance to Ukraine in form of both grant and loan support totaling EUR 1 billion. Additionally, EUR 530 million will be allocated for the restoration of the energy sector and transport infrastructure. Besides, the Government launches a program for Ukrainians on free exchange of ordinary incandescent lamps for economical LED lamps,” said Yuliia Svyrydenko.

The program provides for the free exchange of 5 incandescent lamps for economical LED lamps for every citizen, starting January, in big cities – Kyiv, Odesa, Dnipro, Lviv. Then it will be expanded to all of Ukraine.

The European Commission will finance the first 30 million lamps, but the goal of the state is to replace 50 million lamps. This will help save Ukraine half of its electricity deficit, which is currently more than 2 gigawatts.

“We will respond to every attack of russia aimed at leaving Ukrainians without light and heat with tough sanctions pressure. Ukraine has already imposed sanctions against 3,134 individuals and 1,374 legal entities. Of course, we will increase pressure by adopting sectoral sanctions, which are the most effective. The United States has also recently adopted new sanctions against the russian oligarchy, banks, railways, governors. The European Union has approved the 9th package of sanctions against russian officials, companies related to the military-industrial complex, propaganda TV channels, etc.” said Yuliia Svyrydenko.

Answering journalists’ questions about the restriction of russian gas price and sanctions on petroleum products trade, the First Deputy Prime Minister – Minister of Economy expressed expectations that next year russia’s profits from oil and gas exports would drop by more than 50%.

Besides, it is expected that the aggressor state’s revenues from oil and gas exports will fall below the critical level of USD 40 billion per quarter. As a result, russia will face significant difficulties in financing the war, and its financial system will become unstable. To maximize the impact of the sanctions, Ukraine is working to ensure that the oil price ceiling is reduced to USD 35 per barrel as soon as possible.

“Despite the extraordinary challenges faced during the 300 days following the beginning of the full-scale war, our economy has withstood. Ukrainian economy and business have demonstrated extraordinary flexibility and adaptability. We are ready to respond to difficult challenges and move together to our victory,” said Yuliia Svyrydenko.