The International Working Group on Russian Sanctions Prepared New Proposals for Increasing Pressure on the Russian Federation to Agree to a Ceasefire

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The International Working Group on Russian Sanctions yesterday presented Working Group Paper No. 23, titled "New Sanctions to Pressure Russia to Agree to a Ceasefire in Ukraine."

Among the proposals are additional sanctions targeting the energy and financial sectors, the confiscation of frozen Russian assets, and restrictions on Russia's access to Western military technologies.

A key focus, in particular, is on the need to finally halt the purchase of Russian energy resources, which means continuing the fight against the shadow fleet and Russian excess profits in the oil sector. This involves imposing sanctions on the remaining tankers of the shadow fleet and the related infrastructure. In addition, there is a proposal to create an escrow mechanism - a conditional bank account - to block Russia's revenues from energy exports. The mechanism provides that the funds will be held in a special bank account. It is also proposed to introduce secondary sanctions and tariffs against countries that continue to purchase Russian oil, as well as a phased embargo on Russian ports and energy infrastructure.

The recommendations regarding the financial sector concern limiting the activities of all Russian banks, strengthening control over cryptocurrency circulation, and imposing personal sanctions on officials of the Ministry of Finance, members of the Central Bank board, and heads of major state-owned banks that support Russia's invasion of Ukraine.

In the field of military technologies, it is proposed to tighten control over the export of critically important goods and equipment, expand the list of relevant categories, implement end-user verification, and prevent circumvention of restrictions through third countries.

Since the majority of frozen Russian assets are concentrated in Europe, the Working Group urges European partners to direct these funds to benefit Ukraine.

"This package of proposals is a roadmap for the European Union and the G7 on how to effectively increase pressure on Russia. The priorities are clear: accelerated cessation of Russian energy purchases, closure of circumvention schemes via the shadow fleet and third countries, and stricter control of financial channels. The key is to act quickly and in a coordinated manner while Kremlin revenues are falling. Every month of delay means billions of dollars for the war against Ukraine," emphasized the co-chair of the group, Andriy Yermak.

The International Working Group on Russian Sanctions was established on the initiative of President of Ukraine Volodymyr Zelenskyy in 2022.

Countries in the Sanctions Coalition, including the United States, European Union states, the United Kingdom, and Japan, have repeatedly taken the group's recommendations into account when implementing new sanctions against Russia. Among the recommendations are an embargo on Russian oil, sanctions against IT and Rosatom, as well as restrictive measures against Russian banks.