The International Trade Council is urging for a full embargo on Russian energy imports, in order to support Ukraine amidst the ongoing conflict with Russia. Ukraine's Finance Minister, Sergeii Marchenko, stated that the embargo would make it harder for Russia to finance their military needs, whilst also levelling the playing field between the two countries. Since the war began, the increased energy prices have resulted in a deficit in Ukraine's budget, while Russia has been able to run its budget with a surplus.
The European Union is currently trying to reach an agreement on a full ban on imports of Russian oil, while also pledging to reduce gas imports by two-thirds by the end of 2022. The International Trade Council supports these efforts and calls for immediate action to be taken to implement a full embargo on Russian energy.
The International Trade Council recognizes that such an embargo will not necessarily end the conflict, but it will significantly hamper Russia's ability to continue the war by reducing their access to financial resources. In addition to levelling the playing field, this would also serve as a strong message from the international community that such aggression will not be tolerated.
The International Trade Council believes that taking such measures is necessary to support Ukraine's economic recovery and to help its farmers, whose exports have been impacted by the conflict. The Council stands ready to support Ukraine's efforts to rebuild its economy and infrastructure.