Page:Twelfth Report Defeating Putin the development, implementation and impact of economic sanctions on Russia.pdf/9

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Defeating Putin: the development, implementation and impact of economic sanctions on Russia
7
2Implementing sanctions
  1. The nature of the economic sanctions being implemented against Russia is quite unprecedented. Tom Keatinge, Director at the Centre for Financial Crime and Security Studies (CFCS), Royal United Services Institute (RUSI), told us that “[ … ] we’re in uncharted territory: using sanctions against a country that is so integrated with the west is unprecedented”.[1] Dr Justine Walker, Head of Global Sanctions and Risk at the Association of Certified Anti-Money Laundering Specialists, said that “I would also really emphasise the point that we have never used sanctions in this way against another G20 country”.[2]
Areas of sanctions
  1. The inquiry has considered the effectiveness of economic sanctions in six key areas:
    • Energy
    • Central banking
    • International financial messaging (SWIFT)
    • Other financial services sanctions
    • Self-sanctioning
    • Kleptocrats and oligarchs
Energy
  1. On 8 March 2022 the UK Government announced that it would phase out Russian oil imports, but not gas imports:

    The UK will phase out imports of Russian oil in response to Vladimir Putin’s illegal invasion of Ukraine by the end of the year. The phasing out of imports will not be immediate, but instead allows the UK more than enough time to adjust supply chains, supporting industry and consumers. The government will work with companies through a new Taskforce on Oil to support them to make use of this period in finding alternative supplies. [ ... ] The UK is not dependent on Russian natural gas, making up less than 4 per cent of our supply. Ministers are also exploring options to reduce this further.[3]

    According to a UK Government press release, Russian oil makes up 44 per cent of Russian exports and 17 per cent of Russian federal government revenue through taxation.[4]

  2. Speaking before the Government’s announcement on 8 March, Neil Shearing, Group Chief Economist at Capital Economics, told us:
  1. ↑ Q2
  2. ↑ Q2
  3. ↑ GOV.UK, Press release: UK to phase out Russian oil imports, 8 March 2022, accessed 15 March 2022
  4. ↑ GOV.UK, Press release: UK to phase out Russian oil imports, 8 March 2022, accessed 15 March 2022
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