30 June 2022 – Policy Dialogue organised in cooperation with the US Mission to the European Union
Speakers: Daniel Fried, Weiser Family Distinguished Fellow, Atlantic Council; Georg Zachmann, Senior Fellow, Bruegel; Velina Tchakarova, Director, Austrian Institute for European and Security Policy; Yuriy Vitrenko, CEO, Naftogaz
Moderator: Simon Dekeyrel, Policy Analyst, Sustainable Prosperity for Europe programme, European Policy Centre
Energy exports are the most important source of income for the Russian state. In 2021, oil and natural gas revenues accounted for as much as 45% of its federal budget. Energy sanctions can provide a direct blow to the Russian economy and weaken the country’s ability to finance its war of aggression against Ukraine.
Since the invasion, both the EU and the US have imposed sanctions on Russia’s lucrative energy sector. However, these measures have not yet had the desired effects. In May, Russia’s oil revenue alone amounted to almost €20 billion. This is an 11% increase compared to the month prior, despite declining export volumes.
This Online Policy Dialogue, organised with the kind support of the US Mission to the European Union, looked at the state of play and the prospects of imposing further sanctions on the Russian energy sector. It explored the potential of transatlantic cooperation in designing and imposing effective energy sanctions that will truly disrupt the Russian war machine.