In this paper, we propose further financial sanctions to increase the cost to Russia’s invasion of Ukraine, based on further targeting two key vulnerabilities. The first targets Russia’s reliance on the U.S. Dollar and Western currencies as a reserve currency to back the Ruble. The second vulnerability is the Russian economy’s dependence on the Western financial system for a range of services.
Through this paper, the working group aims to share its expertise and provide assistance to international efforts focused on the formulation of sanctions to increase the cost to Russia and support Ukraine in the defense of its territorial integrity and national sovereignty.
The West must maintain and step up the sanctions pressure on Russia in order to persuade the Kremlin that it must end its war against Ukraine. The working group applauds the EU’s decision to impose a 6th package of sanctions to sustain pressure on the Russian economy, reducing the regime’s ability to wage war in Ukraine.
Saving oil will lower world prices, help the EU introduce the embargo, and reduce Russia’s oil revenues. Each of us can do our part!
Russia’s economy and budget are underpinned by revenues from the sale of oil and gas, primarily to Europe. This working paper provides new ideas about energy sanctions that would help cut off a vital supply of funds for the Russian government.
The EU has refused to immediately and fully embargo Russian oil and gas purchases out of fear that it would throw the continent into an industrially-led recession, or would cause a much larger spike in prices. These arguments do not reflect the reality of supply-side elasticity in the oil and gas markets, and ignore the enormous costs that we are paying already as a result of the purchases of oil and gas from Russia
A group of independent, international experts recommends new economic and other measures to pressure Russian President Vladimir Putin to end his invasion of Ukraine.
The International Working Group on Russian Sanctions is comprised of a number of independent, international experts. The group is focused on recommending new economic and other measures to pressure Russian President Vladimir Putin to end his invasion of Ukraine and restore Ukraine’s territorial integrity.
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