Head of the President's Office Andriy Yermak, during an online meeting with the leadership of foreign embassies in Ukraine, presented an action plan to strengthen sanctions against the Russian Federation developed by the Yermak-McFaul international expert group, the press service of the President's Office reported.
"We are not so naive as to expect that economic pressure on the aggressor country will lead to an early end to hostilities. However, this second front – the front of international sanctions – will significantly limit the aggressive aspirations of Russia. Usually, economic difficulties became its best pacifier," Yermak noted and stressed that although Ukraine withstood the first, most acute phase of the Russian invasion, victory requires both strengthening the Armed Forces and an effective sanctions policy against the Russian Federation.
According to Yermak, the plan presented to the ambassadors is aimed at depriving Russia of finances, production capabilities and technology used for the war, and forcing the Russian Federation to focus on overcoming its internal problems, and Russian citizens to pay for facilitating aggression.
"We need coordinated, comprehensive and effective actions of a wide range. We must make sanctions work without failures and imitations against entire sectors of the Russian economy," he is convinced.
First of all, we are talking about a complete oil and gas embargo, about the need to introduce a scheme that will deprive Russia of access to funds for the export of oil and gas.
Among other points of the plan, Yermak singled out comprehensive sanctions against financial institutions in Russia and Belarus, the inclusion of the Russian Federation in the FATF black list and the list of state sponsors of terrorism. The restrictions should also affect export-import and insurance operations and provide for transport measures such as the complete closure of maritime traffic.
Separately, he noted the importance of strengthening transparency and deepening coordination between the countries participating in the sanctions. Particular attention should be paid to the introduction of secondary sanctions mechanisms, which should target intermediaries providing services in evasion schemes.
"I think that armaments and sanctions policy are the most important instruments of support from your states to Ukraine and the entire free democratic world, which our country is defending today, in order to stop this war," Yermak emphasized.
In turn, the Minister of Foreign Affairs of Ukraine Dmytro Kuleba called on the states standing side by side with Ukraine to make it a rule that there are no taboos on sanctions until Russia is stopped.
The Foreign Minister also suggested that partner countries should adopt the Yermak-McFaul Plan as a roadmap on what kind of sanctions should be applied against the Russian Federation.
In addition, he drew attention to the importance of encouraging the businesses of these countries to leave the Russian Federation as soon as possible.
"Ukraine and Ukrainians are now acting decisively and sacrificing themselves for the sake of winning this war. We thank you for standing by our side and ask you to do everything to end this war as soon as possible," Kuleba stressed.