Ukraine's Foreign Minister reveals EU’s new tactic to target Russian oligarchs
Photo: Andrii Sybiha, Minister of Foreign Affairs of Ukraine (Vitalii Nosach, RBC-Ukraine)
In May, the European Union adopted a series of sanctions amendments that made it more difficult for Russian oligarchs and businessmen to avoid restrictions, according to Ukrainian Foreign Minister Andrii Sybiha.
According to Sybiha, thanks to the amendments, individuals and legal entities that help oligarchs avoid sanctions face the threat of restrictions themselves.
"The EU no longer needs to prove that a specific Russian oligarch should be sanctioned, but rather that oligarchs must prove the opposite. This is an excellent strategy that demonstrates the real power of sanctions enforcement. While new sanctions packages dominate media headlines, such regulatory amendments can be very effective, even if they are less popular in the media," the minister said.
The minister called on other states to follow the EU's lead and adopt similar decisions to prevent sanctions circumvention and strengthen compliance.
Sanctions against Russia
After Russia's full-scale invasion of Ukraine, Western countries responded with a broad set of sanctions. The restrictions affected key areas such as finance, energy, defense, and high technology, aiming to hit strategically important sectors of the Russian economy.
These measures are aimed at weakening Russia's ability to wage war, depriving it of resources, and increasing political pressure. The sanctions apply to both state institutions and individual politicians, businessmen, and companies.
Recently, the United Kingdom adopted another package of restrictions, and the European Union has already imposed the 17th sanctions package against the aggressor.
