Energy and financial sectors: working group on sanctions prepared new proposals to increase pressure on Russia

The International Working Group on Sanctions against Russia has prepared new proposals to increase pressure on Russia to agree to a ceasefire. Among the proposals are additional sanctions against the energy and financial sectors, confiscation of frozen Russian assets, and restrictions on Russia's access to Western military technologies. This is reported by UNN with reference to the official website of the President.

Details

The International Working Group on Sanctions against Russia recently presented working document No. 23 "New sanctions to force Russia to agree to a ceasefire in Ukraine." Among the proposals are additional sanctions against the energy and financial sectors, confiscation of frozen Russian assets, and restrictions on Russia's access to Western military technologies.

It is emphasized that, in particular, the focus is on the need to finally stop buying Russian energy carriers, which means continuing the fight against the shadow fleet and oil superprofits.

This refers to the introduction of sanctions against the remaining tankers of the shadow fleet and related infrastructure. In addition, there is a proposal to create an escrow mechanism, i.e., a conditional storage account, to block Russia's income from energy exports. It provides that funds will be held in a special bank account. It is also proposed to introduce secondary sanctions and tariffs against countries that continue to buy Russian oil, and a phased embargo on Russian ports and energy infrastructure.

Recommendations regarding the financial sector also include restricting the activities of all Russian banks, strengthening control over cryptocurrency circulation, and imposing personal sanctions against officials of the Ministry of Finance, members of the Central Bank's board, and heads of major state banks that support Russia's invasion of Ukraine.

In the field of military technologies, it is proposed to strengthen control over the export of critically important goods and equipment, expand the list of relevant categories of goods, introduce end-user verification, and prevent circumvention of restrictions through third countries.

This package of proposals is a roadmap for the European Union and the G7 on how to really increase pressure on Russia. The priorities are obvious: accelerated cessation of purchases of Russian energy carriers, closing circumvention schemes through the shadow fleet and third countries, tighter control of financial channels. The key is to act quickly and in concert, while the Kremlin's revenues are falling. Every month of delay means billions of dollars for the war against Ukraine.

Recall

The European Union will postpone the official submission of another package of sanctions against Russia after US President Donald Trump demanded stricter European measures as a condition for the US to move forward with its own sanctions.