The expert level event aimed at determining the impact of the already imposed sanctions on russia and outlining the guidelines for extending the sanctions pressure on the terrorist state was organized by the Government of Ukraine, the Yermak-McFaul International Working Group on russian Sanctions and Kyiv School of Economics.
First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko, who chairs the Interdepartmental Working Group on the implementation of sanctions policy (IWG), addressed participants of the conference in Kyiv. She briefed the participants on the results of work of the IWG established by a Government decision in late August.
“During the four months of the IWG’s work, the National Security and Defense Council of Ukraine adopted and the President of Ukraine imposed sanctions against 3,134 natural persons and 1,374 legal entities. Most of them were preliminary reviewed by the IWG. At the same time, during the period from the beginning of the large-scale invasion till the launch of the IWG sanctions against 534 entities, namely 298 natural persons and 236 legal entities were adopted and enforced by presidential Decrees. So, in general, since the launch of the IWG, the effectiveness in this area has increased more than eightfold. As Volodymyr Zelenskyy said, sanctions are a powerful weapon, a weapon without blood, a humane, economic and modern weapon. Therefore, the pressure on the terrorist state must constantly increase,” Yuliia Svyrydenko said.
The IWG is working in close coordination with the Yermak-McFaul International Working Group and also in constant dialogue with Ukraine’s allies. The key focus is information exchange, mirroring of sanctions and parallel elaboration of new sanctions.
Professor of Political Science at Stanford University, Ambassador Michael McFaul, who joined the Conference online from the United States, noted that the key goal of the sanctions policy is to accelerate the end of the war. Therefore, as long as the war continues, the sanctions pressure should increase.
“The goal is to put an end to the barbaric invasion of russia as soon as possible. Looking at what was the starting point in terms of sanctions restrictions at the beginning of the war, it becomes clear that things that seemed impossible and insane back in March have been achieved. However, sanctions must continue. Every day that Putin illegally occupies Ukraine with his troops – every day there should be a sanctions blow in response,” Michael McFaul said.
It should be noted that the IWG, chaired by Yuliia Svyrydenko, reviewed and recommended to submit to the National Security and Defense Council (NSDC) sanctions against more than 6,000 other persons. These are representatives of the russian military-industrial complex, russian authorities, military leadership, banking sector, clergy, propagandists, athletes and others. The IWG also reviewed and recommended to submit to the NSDC proposals on sectoral sanctions against financial institutions of russia and belarus.
“I am convinced that sanctions pressure will be one of the key factors of Ukraine’s victory and will cause an irreparable blow to russia’s economy and technological development. For many years it will make impossible any threat to the civilized world from russia,” Yuliia Svyrydenko concluded.