President of Ukraine

Andriy Yermak met with a group of experts who will analyze the impact of sanctions against Russia

29 March 2022 - 23:38

Andriy Yermak met with a group of experts who will analyze the impact of sanctions against Russia

Head of the Office of the President of Ukraine Andriy Yermak held an inaugural online meeting with a group of Ukrainian and international experts who will analyze the real impact of sanctions against Russia.

"Today, sanctions are issued by our partners almost every week. They are different. Some of them have already started working and are very sensitive to Russia. And some seem to sound like sanctions, but they don't work at all. As for some Russians, they have already found ways to bypass them. The sanctions mechanism itself is very powerful, and our goal is for the sanctions to work effectively," he said at the beginning of the meeting.

Andriy Yermak believes that it is necessary to reach the pace of the weekly increase of sanctions pressure against Russia. According to him, Ukraine's partners are currently working on the introduction of a new sanctions package against Russia. Critical import chains will be targeted, including export controls and sanctions aimed at suppliers cooperating with the Russian military-industrial complex.

The Head of the President's Office also noted that there can be no question of lifting, stopping or changing the sanctions against the aggressor, until the war is stopped, troops are withdrawn from Ukraine, our state receives reparations and compensation for the damage to the Ukrainian state and its citizens.

Former US Ambassador to Russia and former US National Security Adviser Michael McFaul said it was necessary to review what had been done and ensure that new sanctions were imposed on Russia every week to increase pressure on Russia.

Daniel Fried, former State Department's Coordinator for Sanctions Policy, said there was a need to halt Russian oil and gas exports as much as possible and reduce relevant profits. He is also convinced that the dynamics and speed of decision-making are important in the issue of sanctions pressure.

For his part, Deputy Head of the Office of the President Rostyslav Shurma noted that the issue of oil exports is the most important and sensitive when it comes to effective pressure on Russia, and it is on it that we should focus the most.

He also stressed the need to recognize Russia as a state sponsoring terrorism.

"This will automatically lead to bans on many corporations. Not only those related to oil and gas," said Rostyslav Shurma.

He also considers sanctions against the entire Russian political elite or people involved in politics important.

In addition, in his opinion, a halt in the supply of certain chemicals, spare parts and important components for the mechanical engineering, defense and oil refining industries will be critical for Russia.