Sanctions against Russia: Impact and Calls for Expansion

Ukrainian Prime Minister Denys Shmyhal called for increased sanctions pressure on the aggressor country during a government meeting. According to him, sanctions should be imposed on "Rosatom", disconnect all Russian and Belarusian banks from the SWIFT system, restrict imports from Russia to the EU of liquefied gas, gold, iron ore, titanium, aluminum, copper, nickel, and palladium.

There are 17,000 sanctions in effect against the aggressor country Russia. As a result, Russia has lost $400 billion, which has been a significant blow. This was stated by Ukrainian Prime Minister Denys Shmyhal during a government meeting. However, according to him, sanctions pressure on the aggressor country needs to be increased.

He added that recently sanctions against Russia have been imposed or expanded by the USA, EU, UK, Canada, Australia, and New Zealand. These restrictions apply to entire sectors of Russian exports and imports of high-tech products to Russia, including microelectronics and equipment.

"In total, there are already 17,000 individual and sectoral sanctions against Russia. Thanks to this, the enemy has lost $400 billion. This is a powerful blow. But more can and should be done,"
Shmyhal emphasized, as quoted by the Cabinet's press service.

According to the head of the Ukrainian government, sanctions against Russia should be expanded consistently.

To impose sanctions on "Rosatom", disconnect all Russian and Belarusian banks from the SWIFT system, restrict imports from Russia to the EU of liquefied gas, gold, iron ore, titanium, aluminum, copper, nickel, and palladium, Shmyhal listed.

Moreover, according to Shmyhal, the European Union should address the issue of Russian agricultural exports and ban the import of Russian agricultural products into the EU. The main thing is to reliably block all bypass routes to avoid sanctions. Less income for Russia means fewer missiles and drones flying into Ukraine, fewer losses on the front lines and in the rear, and a closer, fairer, and more sustainable peace," Shmyhal is convinced.

Confiscation of frozen assets

Confiscation of frozen Russian assets Recently, UK Prime Minister Rishi Sunak stated that Western countries need to be bolder in confiscating frozen Russian assets. He expressed this opinion in a column for The Times, written on the occasion of the second anniversary of the full-scale Russian invasion of Ukraine.

"We need to be bolder in confiscating hundreds of billions of frozen Russian assets. This begins with taking billions in the form of interest these assets generate and sending them to Ukraine. Then, together with the G7, we need to find legal ways to seize the assets themselves and also transfer these funds to Ukraine," Sunak wrote.

Earlier, Ukrainian President Volodymyr Zelensky said that frozen Russian assets abroad amount to approximately $300 billion. They should be used to support Ukraine. According to the head of state, such a step "will be a completely fair and legal response" to Russia's aggression. "This is now a historic opportunity to make the terrorist pay for their terror," added Volodymyr Zelensky.

"Russian elites and leadership are indifferent to human lives, but above all, they care about money. The loss of assets will be the most painful loss for them. They will feel the true power of the international community and see that the world is stronger than terror. The decision to use frozen Russian assets to support Ukraine will be a completely fair and legal response to Russia's aggression against Ukraine. This will send the right signal to all potential aggressors in the world: attacking another state brings no dividends; the aggressor is eventually forced to pay. I urge partners to quickly move towards creating the necessary legal framework," added the President of Ukraine.