Yermak-McFaul Group proposes new steps to strengthen energy sanctions against Russia

The press service of the President’s Office released the relevant report on Monday, Ukrinform saw.

The document analyzes the results of sanctions imposed on Russian energy exports and offers recommendations for further intensifying sanctions pressure.

Experts emphasize the need to strengthen enforcement of the price cap on Russian oil and to include more vessels from the “shadow fleet” in sanctions lists.

“We see that the existing sanctions against Russia’s energy sector are insufficient. Revenues from the sale of Russian oil and gas continue to be used by the aggressor state to fund the war. We need stricter restrictions and more effective control over their observance,” Head of the Office of the President Andriy Yermak said.

The paper also examines the potential impact of lowering the price cap on Russian oil. According to calculations, reducing the cap by $10 per barrel would result in a $17 billion annual loss in Russian export revenues.

Additionally, it underscores the need for the EU to completely abandon imports of Russian oil, natural gas, and petroleum products made from Russian crude that enter EU states via third countries.

Equally important, according to the experts, is the introduction of sanctions against Rosatom, which would enable Europe and the United States to finally eliminate dependence on Russian nuclear fuel.

As reported, the international working group on sanctions against Russia was created at the initiative of President Volodymyr Zelensky. It is co-chaired by the Head of the President’s Office of the President, Andriy Yermak, and former adviser to the U.S. President on national security, Ambassador Michael McFaul.

In May, the Yermak-McFaul International Sanctions Group presented the Action Plan for further increasing sanctions pressure on Russia, Action Plan 3.0.