Ukraine urges sanctions to be imposed on the importation of Russian diamonds and synthetic rubber, which yield $2 billion in annual profits for the Russian budget. First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko said this on air of the national telethon.
To that end, Ukraine’s government is working at the level of the G7. Other priorities are sanctions against Russian propagandists, banks that provide services for Russia’s military industry, and metallurgy. Ukraine negotiates about stricter visa restrictions for supporters of the aggressor regime.
"We expect the greatest effect to be exerted by our partners mirroring our sectoral sanctions," Yuliia Svyrydenko noted.
The sanctions affect hundreds of Russian banks, as well as thousands of financial institutions, insurance companies, and investment funds that finance the war. The financial sector is very sensitive for Ukraine’s partners but very important for Ukraine, the first deputy prime minister noted.
"We are using all available tools to block Russian banks and halt the operations of foreign financial institutions in Russia," Yuliia Svyrydenko emphasizes.
Together with the coalition partners, Ukraine discovers evasion of sanctions. Svyrydenko pointed out that the EU has already introduced restrictive measures in its 10th sanction package against third countries, including Iran, that help Russia evade sanctions.
Context. In the first half of 2022, Russia earned nearly $2.2 billion from the exports of gem and industrial diamonds. One of the main exporters, the state-owned company Alrosa, has been subjected to sectoral sanctions for almost a year, but Russian diamonds keep reaching the Antwerp diamond exchange.
The export of synthetic rubber has earned Russia nearly $2 billion in 2021. Nevertheless, rubber wasn’t included even in the 10th package of EU sanctions.