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Only Full Oil and Gas Embargo Could Critically Affect the Desire of russian federation to Continue the War – Yulia Svyrydenko about the Eighth Package of EU Sanctions
10.10.2022 | 13:39 | Section for Public and Mass Media Relations.

The Council of the European Union adopted the eighth package of sanctions against russian federation. In particular, it introduces new prohibitions on imports from russia worth EUR 7 billion, including import of certain finished steel products and semi-finished goods, as well as lays the ground for the introduction of restrictions on oil prices.

“The eighth package of the EU sanctions contains many partial restrictions. We will fight for their introduction to the fullest extent. Thus, an important step has been made in the implementation of principle agreements regarding implementation of “ceiling prices” for oil, reached at the G7 summit on September 2. At the same time, we are waiting for further progress on this issue, which ultimate result should be a significant reduction of russia's income and its ability to continue an aggressive war.

At the same time, Ukraine adheres to previously stated position that only full oil and gas embargo could critically affect the desire of russian federation to continue the war.

The decision expanding previously introduced sanctions, in particular in the fourth package, on the import of russian metallurgical products is of great importance. The work on restrictions in this sector, which is a significant source of export earnings of the aggressor, must be continued until full prohibition of exports. Ukraine will continue to work with our European allies on strengthening sanctions, especially in those sectors that form the basis of export potential of the aggressor state or work for its military potential,” said the First Vice Prime Minister – Minister of Economy of Ukraine Yulia Svyrydenko.

The eighth package of sanctions includes, in particular:

  • prohibition of coal export to russia, including coking coal used by russian industrial enterprises;
  • some electronic components (used by russian federation in the production of weapons);
  • technical products for aviation used in the aviation sector, small arms, etc.

The package provides prohibition on imports from russian federation of finished steel products and semi-finished goods (for some semi-finished goods, a transition period and only partial restrictions are provided), machines and devices, plastics, vehicles, textiles, shoes, leather, ceramics, etc.

Moreover, the package included sanctions against individuals and legal entities, in particular, those involved in the organization and conduct of the so-called “referendums” in the occupied territories of Donetsk, Luhansk, Kherson and Zaporizhzhia regions.

The sanctions provided for in the package also prohibit all operations with the russian Maritime Register, expand the list of services that are prohibited from being provided to the government of russian federation or legal entities established in russia. In particular, we are talking about IT consulting, legal consulting, architectural and engineering services.

Thus, the EU has expanded the opportunities of applying sanctions against persons who facilitate russia’s circumvention of sanctions. However, several EU countries blocked the eighth package of sanctions. But Ukraine will continue to insist on the need for sanctions pressure against russian federation.

It is worth saying that on September 27, the Cabinet of Ministers of Ukraine adopted the resolution on full prohibition of export of the goods to russian federation.

On September 30, the National Security and Defence Council of Ukraine introduced sanctions against more than 3,600 individuals and legal entities.

Ministry of Economy of Ukraine 01008, Ukraine, Kiyv city,
Grushevsky str., 12/2