Ukraine proposes reviving Cold War-era sanctions body CoCom
The Yermak-McFaul Expert Group has prepared Action Plan 3.0 to strengthen sanctions against Russia
The Yermak-McFaul Expert Group has released the third Action Plan to tighten sanctions against Russia, proposing in the 50-page document published on the website of the President of Ukraine to revive the Cold War-era sanctions body, CoCom.
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Among other proposed measures:
→ Confiscation of frozen assets of the Central Bank of Russia;
→ Strengthening control over compliance with the oil price cap (and reducing it by $10 per barrel) and combating the shadow fleet of tankers;
→ A complete embargo on uranium, aluminum, and steel;
→ Restrictions on the export of liquefied gas, pipeline gas, nitrogen fertilizers, and certain other metals, such as nickel;
→ Prohibitive tariffs on the remaining Russian exports.
The new sanctions package could reduce Russia's export revenues by $70-80 billion per year compared to 2023.
The group separately proposes creating an international organization modeled after the Coordinating Committee for Multilateral Export Controls (CoCom) to enforce the export ban on critical technologies to Russia.
"The West must implement export restrictions that can deter Russia's expansionist and revisionist ambitions, similar to those during the Cold War. This should include the creation of new multilateral organizations akin to CoCom, established during the Cold War to manage all trade with Russia," the document states.
According to the Yermak-McFaul Expert Group, the new sanctions package could reduce Russia's export revenues by $70-80 billion per year compared to 2023.
The working group members believe that more individuals and organizations supporting or financing Russian aggression should be added to the sanctions list. Additionally, they propose imposing sanctions on Western companies involved in Russian logistics operations and facilitating the evasion of restrictions.
Read also: Uncovering and confiscating Russia's assets around the world
→ Confiscation of frozen assets of the Central Bank of Russia;
→ Strengthening control over compliance with the oil price cap (and reducing it by $10 per barrel) and combating the shadow fleet of tankers;
→ A complete embargo on uranium, aluminum, and steel;
→ Restrictions on the export of liquefied gas, pipeline gas, nitrogen fertilizers, and certain other metals, such as nickel;
→ Prohibitive tariffs on the remaining Russian exports.
The new sanctions package could reduce Russia's export revenues by $70-80 billion per year compared to 2023.
The group separately proposes creating an international organization modeled after the Coordinating Committee for Multilateral Export Controls (CoCom) to enforce the export ban on critical technologies to Russia.
"The West must implement export restrictions that can deter Russia's expansionist and revisionist ambitions, similar to those during the Cold War. This should include the creation of new multilateral organizations akin to CoCom, established during the Cold War to manage all trade with Russia," the document states.
According to the Yermak-McFaul Expert Group, the new sanctions package could reduce Russia's export revenues by $70-80 billion per year compared to 2023.
The working group members believe that more individuals and organizations supporting or financing Russian aggression should be added to the sanctions list. Additionally, they propose imposing sanctions on Western companies involved in Russian logistics operations and facilitating the evasion of restrictions.
Read also: Uncovering and confiscating Russia's assets around the world
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