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Statement13 February 2024Directorate-General for Financial Stability, Financial Services and Capital Markets Union2 min read

Statement on the third Sanctions Coordinators Forum

This afternoon, EU Sanctions Envoy David O’Sullivan convened the third Sanctions Coordinators Forum gathering high-level representatives from all EU Member States and a broad coalition of international partners from 11 countries. Commissioner Mairead McGuinness, in charge of sanctions, opened the Forum by stressing the urgency to double down on our efforts to implement and enforce sanctions ‘at home’. As always, representatives of the Government of Ukraine joined for a dedicated session to discuss impacts of the sanctioning coalition’s measures and ways how to further tighten the grip on Russia’s ability to pursue its atrocious war. The Forum was closely coordinated with our U.S. and UK partners. The U.S. Acting Sanctions Coordinator Erin McConaha, the UK Sanctions Director David Reed, representatives of different U.S. and UK government departments as well as high-level European Commission officials were central to setting the scene for different issues under discussion.  

The aim of the Forum was twofold. First, to identify ways of further disrupting Russia’s access to sensitive technology with a potential military application, notably by tackling different circumvention practices and emerging trends. Second, to focus efforts on reducing Russia’s revenue, in particular by reinforcing implementation of the oil price cap. Domestic implementation and enforcement as well as engagement with third countries outside of the sanctioning coalition were overarching themes.

Following the Forum, EU Sanctions Envoy David O’Sullivan said: “Today’s meeting shows that our joint resolve to disrupt Russia’s ability to pursue its war effort is as strong as ever. In our discussions we were also realistic and frank in appraising what needs to be done. Implementation and, where necessary, relentless enforcement is where we all need to focus now. One thing is clear – sanctions work but we are determined to make them work even better”.

U.S. Acting Sanctions Coordinators Erin McConaha said: “Our steadfast coordination with the EU, UK, and other allies for the past two years has been instrumental in hampering Russia's ability to prosecute its unjust war against Ukraine. Today, we reaffirm our unwavering commitment to coordinate and enforce sanctions and other measures to bolster Ukraine's defence and ensure Russia faces strategic and economic consequences. By standing united, we send a clear message that we uphold the principles of sovereignty and international law, and that aggression will not be tolerated".

UK Sanctions Director David Reed said: “Almost two years into Russia’s illegal invasion of Ukraine, the impact of collective Western sanctions is clear. Our support for Ukraine remains unwavering and we will continue to work with the EU, US, and other international partners to undermine the Russian war machine. Sanctions remain an important tool in our diplomatic arsenal. That's why we are setting up our new Office of Trade Sanctions Implementation which will work with business to ensure our sanctions regimes are as impactful as possible”.

Statement by Commissioner McGuinness on the outcomes of the fourth meeting of the High-Level Meeting on sanctions implementation

Sanctions adopted following Russia’s military aggression against Ukraine

Sanctions (restrictive measures)