Ukraine’s First Deputy Prime Minister and Minister of Economy Yulia Sviridenko has called on world leaders ahead of the G7 summit to implement stricter sanctions against Russia. According to her, only real economic pressure can force the Kremlin to end the war, as financial support remains a key factor in continuing aggression and funding the so-called “terrorist coalition.”
This is reported by Kyiv24
Arguments for Restricting Russian Oil
Yulia Sviridenko emphasized the importance of tightening sanctions that would limit Moscow’s ability to purchase weapons and support occupying regimes. She noted that Russia continues to attack Ukraine’s energy infrastructure, including power plants, oil and gas facilities, and hydroelectric stations, which are crucial for the country’s energy supply. In the government official’s opinion, the main driving force behind the aggression is Russia’s oil industry, which serves as a source of funding for the current invasion and future escalations.
“Throughout our defense of the Ukrainian people, some allies have asked us not to strike at Russian energy infrastructure, even when Russia is waging a full-scale war against ours: it attacks power plants, oil and gas infrastructure, hydroelectric stations – every type of energy we depend on. After more than three years of full-scale war, one truth has become undeniable: the only way to bring Russia to the negotiating table is to take away its money – its ability to wage war, to buy missiles, artillery, and drones from North Korea and Iran; its means of financing occupation and destruction,” the Ukrainian official wrote on X on June 16.
Sviridenko is convinced that Russia will not voluntarily end the war, but will only take breaks to prepare for new offensives. In her view, breaking this vicious cycle is only possible by depriving the aggressor of economic tools, primarily profits from oil exports.
Discussion of Sanction Initiatives at the G7 Summit
The issue of further sanctions, including lowering the price cap on Russian oil to $45 per barrel, will be one of the main topics on the agenda of the G7 leaders’ summit in Canada. According to the EU’s Special Representative for Sanctions, David O’Sullivan, preliminary consultations have already taken place, and the technical working group of the “Group of Seven” has reached a certain consensus on this price cap level.
On June 10, the European Commission presented proposals for the 18th package of sanctions against Russia, which include lowering the price cap on oil from $60 to $45 per barrel. The following day, the EU’s chief diplomat, Kaja Kallas, stated that the European Union is capable of making such a decision even without the participation of the United States, which would deal a serious blow to the Russian economy.
Kaja Kallas also emphasized that the main route for delivering Russian oil to Europe passes through the Baltic and Black Seas, whose territorial waters are predominantly controlled by EU countries. This will allow the bloc to effectively inspect vessels and cargo, strengthening the sanctions policy against Russia.