20:44 18.11.2024

Yermak-McFaul Group issues new plan to strengthen energy sanctions against Russia

2 min read
Yermak-McFaul Group issues new plan to strengthen energy sanctions against Russia

 The International Working Group on Sanctions against Russia, led by the Head of the President's Office of Ukraine Andriy Yermak and Director of the Freeman-Spogli Institute for International Studies (FSI), Ambassador Michael McFaul, has issued a new working document "The Path Forward on Energy Sanctions: Toolkit to Step Up Pressure on Russia in 2025."

As reported by the presidential press service on Monday, the document analyzes the results of applying sanctions to Russian energy exports and provides recommendations for further increasing sanctions pressure.

"We see that the existing sanctions against the Russian energy sector are not enough. Revenues from the sale of Russian oil and gas continue to be used by the aggressor state to finance the war. We need tougher restrictions and effective control over their observance," Yermak said.

In the presented document, experts insist on strengthening control over compliance with the price ceiling for Russian oil and adding more tankers of the "shadow fleet" to the sanctions lists.

In addition, the potential effect of reducing the maximum price for Russian oil was analyzed, in particular, according to calculations, a price reduction of $10 per barrel will entail a loss of $17 billion in export revenues for Russia per year.

It is also noted that the EU needs to completely refuse to import Russian oil and natural gas, as well as petroleum products from Russian raw materials supplied to the bloc's states from third countries.

According to experts, it is important to introduce sanctions against Rosatom, which will allow Europe and the United States to finally get rid of their dependence on Russian nuclear fuel.

"The plan proposed by the International Sanctions Group is comprehensive, clear and effective. Our goal is to ensure the adoption and implementation of these proposals by as many countries as possible. This is what we work on every day with our partners," advisor and commissioner of the President of Ukraine on Sanctions Policy Vladyslav Vlasiuk said.

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