More sanctions, full energy embargo needed to make Russia stop war on Ukraine – int’l Yermak-McFaul expert group

02.06.2022 16:40

Ukrinform

A group of independent Ukrainian and international experts analyzing the impact of sanctions imposed on Russia, co-coordinated by the head of the Presidential Offce Andriy Yermak and a former national security advisor to the U.S. President, Ambassador Michael McFaul, has called on the European Union to accelerate the introduction of a full embargo on Russian energy to end the war in Ukraine as soon as possible.

That's according to the President's Office.

In a statement, the group said that over the past three months, the democratic world has repeatedly demonstrated unity and the ability to respond to Russia's unjust war against Ukraine. On May 31, the European Union said it had approved the sixth package of sanctions against Russia, which includes a ban on imports of Russian oil by sea, disconnection of Sberbank from SWIFT, the blocking of another three Russian government-run media platforms, and the expansion of personal sanctions.

"Such sanctions will deprive Russia of the opportunity to export 90% of its oil to the EU by the end of 2022. Our group welcomes such a statement by the European Union, considering the embargo on Russian energy the most effective economic lever to stop Russian aggression against Ukraine," the group said in the statement.

Experts emphasize that pressure on the Russian economy is necessary to prevent the regime of Russian President Vladimir Putin from further funding hostilities in Ukraine and to force them to end.

In addition, experts concluded that Russia's revenues from energy exports should be frozen in European bank accounts.

"At the same time, we believe that the delay in the implementation of the sixth package has reduced the effectiveness of measures previously taken, including restrictions on the financial system. Russia continued to look for loopholes and adapt to sanctions," the group said.

Thus, in the time that has passed since the decision was made to reduce dependence on imported energy, Russia has received additional opportunities to adapt, as well as tens of billions in hydrocarbon revenues.

"Further delays toward a full embargo on Russian energy will reduce sanctions’ efficiency. A full oil and gas embargo against Russia is necessary. The European Union must work to accelerate its implementation and make these tough decisions, which are at the same time commensurate to the level of Russian threat, as soon as possible,” the document said.

The international group is convinced that the sooner such decisions are made, the more painless the reorientation of the economy and preparation for winter will take place.

"All the implications of a full embargo are fully addressed, including solutions in our Energy Sanctions Roadmap, which proposes measures to reduce revenues during the transition to a full embargo," experts say.

The combination of sanctions – a full oil and gas embargo and disconnection of all Russian financial institutions, including Gazprombank, from the global system – is capable of bringing the end of Russia's war against Ukraine closer, international experts are convinced. In addition, the democratic world must legally recognize the Kremlin regime as a sponsor of terrorism, limiting any business ties with Russia.

"We call for solidarity and determination, not just loud rhetoric. We should not stop at the sanctions pressure, this is the only way to force the Kremlin to end the war against Ukraine," the group said in the statement.