• Українською
  • Mirroring and synchronization of sanctions increase effect of pressure on russia: Yuliia Svyrydenko and James O’Brien held a working meeting
    Ministry of Economy of Ukraine, posted 27 November 2022 11:30

    Synchronization of the efforts of Ukraine and the United States of America in strengthening sanctions pressure on russia was discussed in Kyiv by First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko and Sanctions Coordinator of the U.S. Department of State, Ambassador James O’Brien.

    “We are grateful to the United States for the support in times of great challenges for Ukraine. Particularly, for the support regarding the sanctions policy. At the same time, the fall of the russian economy by the end of the year is projected at 4.5-4.6%. While the fall of the Ukrainian economy is already 30%. Therefore, it is obvious that sanctions are not working as fast and as efficiently as they should. So, they need to be strengthened. That is why it is important for us to coordinate, systematize, exchange experience and ideas in this matter with our American partners. In particular, it concerns mirroring and synchronization of sanctions,” said Yuliia Svyrydenko.

    In turn, Ambassador James O’Brien stressed that it is very valuable for the United States to exchange information with the Ukrainian side, which already has significant experience in this area.

    According to him, there is an understanding that sanctions act slowly. However, they allow stopping russia faster than it would have stopped on its own. In addition, sanctions can make sure that russia does not repeat aggression again in the future. Exchange of information will speed up the work in this area. We need to show how brutal russia’s actions on the territory of Ukraine are, and that they deserve tougher sanctions.

    During the working meeting, which was attended by representatives of the Office of the President of Ukraine, law enforcement and intelligence agencies, other state bodies, the U.S. delegation was briefed on the mechanism and results of the work of the Interdepartmental working group (IWG) on the implementation of the state sanctions policy, headed by Yuliia Svyrydenko. As well as on the results of the IWG’s work.

    As of today Ukraine has imposed sanctions against more than 5,000 persons (and even more are in progress) who are involved in aggression, threaten national interests, security, sovereignty and territorial integrity of Ukraine, promote terrorist activities, etc.

    The U.S. side praised the scope of work carried out by the IWG, the quality of analytical materials prepared by the Ukrainian security, intelligence, government agencies involved in development of sanctions proposals.

    During the meeting, the parties discussed topical issues of cooperation in the area of sanctions policy. In particular:

    Introduction of the Price Cap Policy on russian oil from December 5 and the price ceiling to be set by the countries that have joined the initiative.

    As Yuliia Svyrydenko emphasized: Ukraine is all for a complete embargo on russian oil and gas. Yet, a compromise (USD 30-40 per barrel) is possible at this stage.

    Synchronization of sanctions. Ukraine synchronizes sanctions with Western partners.

    In particular, the large sanctions package approved by the National Security and Defense Council of Ukraine and put into effect by President of Ukraine Volodymyr Zelenskyy on October 19 included sanctions previously imposed, in particular, by the EU. At the same time, work is in progress to ensure that sanctions imposed by Ukraine are reflected by our allies.

    Sectoral sanctions by areas and spheres.

    Practice has shown that such sanctions are the most effective, they put the greatest pressure on putin’s military machine and the economy of the aggressor state.

    Preventing the circumvention of sanctions.

    In particular, it is necessary to completely exclude the possibility of russia’s receiving goods banned by sanctions through third countries. First of all it concerns weapons components: microchips, composite materials, dual-use goods, etc.

    Following the meeting, the parties agreed to intensify the work on prompt exchange of information and strengthening of sanctions pressure against the aggressor state.