The action plan 2.0 of sanctions against Russia
The international working group on sanctions on Russia Yermak-McFaul has published the new action plan with recommendations for 2023 (Action Plan 2.0) in which it urges the EU and Western countries to continue pursuing three main action strategies.
The first is to reduce the oil price ceiling to $45 a barrel, then strengthen cooperation on sanctions for non-energy sectors and extend individual sanctions and thirdly, further increase the pressure on Russian banks with more restrictive measures .
Given the importance of Russia’s energy sector, the group stresses that tightening energy sanctions is key to limiting the country’s military capacity. This recommendation comes as the G7 recently decided not to lower the price ceiling below $60 a barrel, which is substantially higher than the marginal cost of producing a barrel of oil in Russia. As anticipated however, the experts of the Yermak-McFaul group warmly advise the lowering of a quarter of that price for crude oil and at the same time they urge thethe imposition of total taxation on Western oil and gas companies still present in Russia today. In this way i proceeds they would come intended to support the reconstruction of Ukraine.
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