EU sanctions on Russian fossil fuels: strengthening enforcement and closing loopholes - 17.02.2023

Expert panel discussion of the United for Ukraine Network (U4U) on “EU sanctions on Russian fossil fuels: strengthening enforcement and closing loopholes”.

The discussion took place on 17 February, 2023.

The EU ban on Russian oil was an extraordinary step taken to axe the funds from Europe financing Putin’s war. The earnings for the Russian government from oil and gas trade have fallen by at least 17% in December 2022 largely due to the price cap. However, Russia’s fossil fuel exports are still earning them EUR 640 million per day.

How essential it is to lower the price cap to a level that denies taxable oil profits to the Kremlin, and to restrict the remaining oil and gas imports from Russia? What can be done at the EU and country level to ensure better sanctions implementation? What are the majors concerns on sanctions evasion and how the loopholes can be closed?

Panel speakers:
Lauri MYLLYVIRTA, lead analyst, Centre for Research on Energy and Clean Air - Next steps after EU crude oil ban and price cap
Mai ROSNER, Global Witness - Price cap enforcement and challenges
Oleg SAVITSKY, Razom We Stand - Role of authorities in the price cap enforcement and propositions
Craig KENNEDY, Davis Centre, Harvard - Strengthening vulnerabilities in the price-cap attestation and compliance system
Tinatin TSERTSVADZE, Senior Policy Analyst, Open Society-Europe and Central Asia - Sanctions evasion and solutions
Olena PAVLENKO, Dixi group - Impact of the sanction on Russian economy

The event was moderated by Andrius KUBILIUS, MEP, Coordinator of the United for
Ukraine Network.