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- Yermak-McFaul Group on Sanctions Update: 11 May — 18 May 2022
During the last 7 days (from May 11 till May 18), a number of sanctions and restrictive measures against the Russian Federation in response to its aggressive war against Ukraine were implemented by the allies of Ukraine. These sanctions cover three main areas: individual sanctions against Russian citizens, new restrictions concerning Russian state-owned enterprises (SOEs), and improving export controls and banning imports.
According to KSE Institute estimations, the total cumulative progress in sanctions’ implementation is 36%, with 15 sanctions-measures from the Yermak-McFaul Group Action Plan out of 42 being implemented successfully.
The total number of new personal sanctions against citizens of the Russian Federation is 50. New sanctions against Russian and Belarusian individuals were imposed among others by Australia (+15, including Illia Kyva, former Ukrainian MP), New Zealand (+23, including Aleksandr Lukashenko), and the United Kingdom (+12, including Alina Kabayeva).
Additional measures against the Russian state-owned companies (SOEs) include new restrictions in the defense sector, infrastructure, media and technology. New sanctions were imposed in Australia (13 Russian SOEs, including PMC Wagner and propaganda media + 2 Belasrusian SOEs), New Zealand (3 Belarusian defence SOEs), and the UK (Russian Railways).
Considering strengthening export control and ban on import of Russian goods and products, the Japan Cabinet introduced a ban on the export of cutting-edge goods, including quantum computers, 3D printers etc.
However, several critical areas of additional sanction control are yet to be imposed. Little or no progress has been made in expanding oil and gas sanctions, with the 6th Sanctions Package of the EU still not being adopted. The experts of the Yermak-McFaul Group also draw upon the importance of additional transportation and insurance-related sanctions, as well as discouraging trade with and investment in Russia.
We also want to focus on the role of new sanctions against the Russian financial sector, namely the Central Bank of Russia, as well as the growing importance of sanction policy coordination among the allies.