It is time for the entire civilized world to turn trade sanctions against Russia into a comprehensive trade blocking regime. First Deputy Prime Minister of Ukraine – Minister of Economy Yuliia Svyrydenko stated it during a working lunch on trade and investment development between the EU and Ukraine.

“Russia still has the technical capabilities for the production of missiles using other countries’ equipment. Many of them are delivered through neutral states. It is time to introduce tougher mechanisms to limit exports. Import restrictions imposed by the EU still give Russia the opportunity to make money in the EU markets. For example, the ban on the importation of metallurgical products contains quotas that are larger than the pre-war imports from Russia. It is all the more shameful that this quota is introduced for the benefit of a plant that is directly owned by a Russian oligarch. Last year, you canceled the MFN regime for Russia. It was a brave and wise decision. This shows that the aggressor is outlawed according to international law. Now is the time to turn trade sanctions into a comprehensive trade blocking regime applicable to the enemy,” said Yuliia Svyrydenko.

According to Yuliia Svyrydenko, trade sanctions against Russia should be effective throughout the world and clearly distinguish between friends and enemies. First Deputy Prime Minister of Ukraine – Minister of Economy Yuliia Svyrydenko also noted that the Black Sea Grain initiative, which saved both people in Africa and Ukrainian farmers who have a chance to continue their work on the land, should not become the norm. 

“Normal is freedom of navigation, not an agreement that helps Russia cultivate its sadistic approach to trade and eradicating hunger. In order to reduce the cost of insurance, we need an initiative to continue. But our dream is simply peaceful navigation of the Black Sea without artificial traffic jams by Russia. After all, we need to use sea routes for other products too and not only for agriculture,” stressed Yuliia Svyrydenko.

The First Deputy Prime Minister of Ukraine also called on the participants of the meeting to activate war risk insurance mechanisms with the aim of revitalizing trade cooperation and attracting investments in the reconstruction of Ukraine. Yuliia Svyrydenko noted that Ukraine had already tested military risk insurance products of MIGA, an agency of the World Bank. 

“If, with your support, we activate comprehensive insurance of the risks of suppliers, investors and project implementation, we will provide your companies with the necessary competitive advantage in the form of early placement in Ukraine and more active participation in the recovery of the economy and infrastructure. This is the synergy we are looking for," concluded Yuliia Svyrydenko.