Ukraine has commenced discussions with the European Union regarding a proposed 21st sanctions package aimed at Russia. The focus of these consultations includes measures targeting financial institutions and addressing the circumvention of existing restrictions through cryptocurrency.
Vladyslav Vlasuk, the Ukrainian presidential envoy for sanctions policy, provided insights on these developments in a statement to the public broadcaster Suspilne. He indicated that the upcoming sanctions would primarily aim to further diminish the presence of Russian financial institutions.
“The work on the future 21st sanctions package will concentrate on the continued expulsion of Russian financial institutions, which entails expanding the list of sanctioned banks and definitively closing channels that utilize cryptocurrencies to bypass restrictions,”
Vlasuk stated.
In addition to financial measures, Ukraine is prioritizing the enhancement of energy sanctions against Russia. This includes further restrictions on maritime exports of Russian oil and petroleum products.
“Simultaneously, we are working on strengthening technological controls and improving mechanisms for tracking components for weapons, to prevent dual-use goods from reaching the aggressor,”
he added.
Vlasuk also noted that efforts would continue to impose personal sanctions on prominent Russian business figures. This includes targeting oligarchs and influential individuals who have managed to evade restrictions despite their significant contributions to financing Russia’s military budget.
“Oligarchs and patriarchs who have so far avoided sanctions, despite their direct involvement in funding the military budget of the Russian Federation,”
he emphasized.
On April 23, ambassadors from EU member states formally approved the implementation of the 20th sanctions package against Russia. Vlasuk highlighted that approximately 70% of this package reflects contributions from the Ukrainian side. The measures include restrictions on Russian shadow fleet vessels, maritime exports, ports, banks, and personal sanctions.
Ukraine is actively engaging with the EU to formulate a 21st sanctions package against Russia, emphasizing financial institutions and energy restrictions. The discussions also aim to enhance controls on cryptocurrency to prevent circumvention of existing sanctions.