Strengthening the Economic Vice Around Russia From PACE

by Meifan Honcharuk
Monday, June 26, 2023
2 MIN
Strengthening the Economic Vice Around Russia From PACE

On June 22, PACE adopted a resolution "Political Consequences of Russia's Aggression against Ukraine"

At the meeting in Strasbourg, PACE adopted a resolution aimed at combating sanctions evasion and encouraging international group responsibility in this matter. What does the resolution Political consequences of Russia's aggression against Ukraine offer:

  • Creation of a public registry with companies and individuals helping Russia avoid sanctions. There may be banks, logistics companies, insurance companies, ports and others in the links in the chain of crime;
  • Creation of a public registry with data on individuals and legal entities that evade sanctions;
  • Creation of a specialised monitoring group to observe sanctions and analyse decisions (bank transfers, transit, purchases) that could potentially violate international sanctions against the aggressor country. This body will also prepare and conduct the process of prosecution of offenders.

Today, the global goal is to create a space independent of Russian services and goods. We are implementing this plan through the economic isolation of Russia, which has exchanged trade and diplomatic relations with countries for gas-nuclear blackmail.

"Such a body, like the register of states and organisations circumventing the sanctions of banks and firms, should be created as soon as possible and work in parallel with the register of losses," Political consequences of Russia's aggression against Ukraine.

Moreover, PACE proposes to encourage applicants who testify to acts of violation of sanctions and collaboration with Russia.

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