Yermak-McFaul Group develops plan for sanctions against 12,000 Russians

6 June, 07:58 PM
Russian oligarch Vladimir Potanin, who managed to avoid sanctions in many jurisdictions (Photo:novayagazeta)

Russian oligarch Vladimir Potanin, who managed to avoid sanctions in many jurisdictions (Photo:novayagazeta)

In response to Russia’s unprovoked war of aggression on Ukraine, the Yermak-McFaul International Working Group on Sanctions against Russia has presented a Roadmap for Individual Sanctions that would target up to 12,000 Russians.

The document outlines the tasks of such sanctions, the principles of their application, defines in detail all categories of persons against whom personal sanctions should be imposed, as well as proposes a strategy for increasing sanctions pressure, the Office of the President of Ukraine said.

“The Group proposes to impose sanctions against those categories of persons for whom it will be the fastest and most effective,” the office said.

Видео дня

“That is, it is proposed to choose those categories of persons, against which the personal sanctions of the democratic world will be the most painful.”

The following categories of persons subject to sanctions are proposed (in order of priority): oligarchs, top government officials, key company management, including foreigners, Russian propagandists, political party leaders, and family members and trusted persons of all these people.

It is also proposed to consider the introduction of individual sanctions against all Russian athletes.

The number of potential candidates for sanctions is at least 12,000 private individuals and 3,000 legal entities. Immediate priority is given to the 100 richest people on Russia's Forbes list.

According to the group, special attention should be paid to those oligarchs who have so far been able to avoid sanctions in most or all jurisdictions. These are, for example, Vladimir Potanin, the owner of Norilsk Nickel and other major assets, Andrey Bokarev, co-owner of CJSC Transmashholding and other major assets, Iskander Makhmudov, co-owner of LLC Transoil, CJSC Transmashholding and others.

The key sanctions mechanisms should be: the freezing of assets, a ban on entry into the countries of the sanctions coalition, the termination of powers in Western companies.

“It is important to involve the maximum number of countries in the sanctions coalition: if a person is subject to sanctions in one jurisdiction, this happen in all other jurisdictions,” the Yermak-McFaul group statement said.

“At the same time, the role of the Ukrainian government in making any decisions on the imposing of restrictions is noted.”

Also, according to the group, any attempts by top government officials, corporate leaders and board members, propagandists and members of political party to transfer property to their family members or trusted persons should be carefully monitored and prevented, and any assistance in transferring or receiving such assets should be the basis for imposing sanctions.

The Roadmap for Individual Sanctions can be found here.

The Yermak-McFaul Group a working group of independent, international experts to recommend new economic and other measures to pressure Russian President Vladimir Putin to end his invasion of Ukraine as soon as possible and restore Ukraine’s territorial integrity within its internationally recognized borders.

As reported, on June 3, the European Union introduced the sixth package of sanctions against the aggressor countries.

Follow us on Twitter, Facebook and Google News

Show more news
X