Sanctions against Russia: Ukraine presses on the European Union

Ukraine is increasingly pushing the European Union to tighten sanctions against Russia. This proposal arises in the face of increasing uncertainty about the United States' engagement in sanctions policy. Ukraine proposes taking over Russian assets and imposing restrictions on oil merchants.

According to 2022 data, the European Union is Russia's main trading partner, with 43% participation in global trade. In the same year, the United States was Russia's second largest trading partner, with a 12% share.

Ukraine proposes that the European Union adopt a more aggressive and independent sanctions policy against Russia. This proposal concerns the acquisition of Russian assets and the imposition of restrictions on oil merchants. According to the January 2023 figures, Russia is the world's second largest oil producer, with production of 11.4 million barrels a day.

The advice paper to be presented to the European Union calls for a more aggressive and independent position on sanctions. This paper has about 40 pages and contains key recommendations on taking over Russian assets and imposing restrictions on oil merchants.

According to February 2023, The European Union has already imposed sanctions on Russia worth EUR 43.8 billion. At the same time, the United States imposed sanctions on Russia worth $13.4 billion.

Ukraine suggests that the European Union should consider steps to improve the enforcement of sanctions outside the Union. This would include, for example, actions towards abroad companies that usage their technologies to support Russia.

The introduction of secondary sanctions on Russian oil buyers is besides a key call. specified secondary sanctions that could hit large buyers like India or China would be a crucial step. According to March 2023 data, China is the largest buyer of Russian oil, with a share of 25%.

The paper besides calls for the European Union to consider decisions on sanctions by majority, which would prevent associate States from blocking them. According to the April 2023 data, the European Union has 27 associate States, each with an equal voice in decision-making.

The authors of the advice note that the United States "in practice has ceased its participation in intergovernmental platforms dealing with sanctions and export control". They admit that although 2 sanction projects were created in the United States, including 1 prepared by Senator Lindsay Graham, it is “uncertain” whether Trump will sign any of these projects. According to May 2023 data, Trump has been the president of the United States since 2017.

A elder typical of the Ukrainian government told Reuter that "the withdrawal of America from sanctions would be a strong blow to the unity of the European Union." The Agency adds that, given the dominance of the dollar in global trade, the European Union cannot full replace the importance of America in terms of economical force on Russia. According to the June 2023 figures, the US dollar is the most popular currency in global trade, involving 62%.

Expert Craig Kennedy of the Davis Center at Harvard University said "The European Union has a lot more cards than you think." According to the July 2023 figures, the European Union is the largest economical bloc in the world, with GDP of EUR 18.3 trillion.