Ukraine's Presidential Office names three most effective sanctions against Russia
Photo: Mykhailo Podolyak, Advisor to the Head of the Presidential Office (Vitalii Nosach, RBC-Ukraine)
Sanctions against Russia have proven effective, but there are still areas where further restrictions could significantly weaken the enemy’s economy, stated Mykhailo Podolyak, Advisor to the Head of Ukraine’s Presidential Office, on the FREEDOM TV channel.
According to Podolyak, among the sanctions already imposed, the most effective are:
- Restricting Russia’s access to raw material markets;
- Blocking its ability to use the global banking system (SWIFT), making financial transactions with other countries significantly more difficult;
- Imposing personal sanctions, including freezing assets and bank accounts of oligarchs in the West.
"Other sanctions are also important, as they prevent Russia from purchasing military-related or dual-use goods. All sanctions matter, but these three are particularly crucial," Podolyak explained.
Sanctions against Russia
After Russia's full-scale invasion of Ukraine, Western countries imposed sanctions aimed at weakening the Russian economy and limiting its military capabilities. The European Union, the United States, the United Kingdom, Canada, Japan, and other nations froze Russian bank assets, disconnected some banks from the SWIFT international payment system, introduced export restrictions on high-tech goods, and imposed personal sanctions on officials, businessmen, and propagandists.
On the third anniversary of the full-scale war, the EU Council adopted a comprehensive 16th package of economic and individual sanctions against Russia.
