This panel was moderated by Antonia Colibășanu, Senior Associate Expert at the New Strategy Center & Chief Operating Officer & Senior Geopolitical Analyst at Geopolitical Futures. The discussion featured Mr. Andrei Illarionov, Senior Fellow at the Center for Security Policy in Washington DC and former economic advisor to President Vladimir Putin (2000-2005), and Mr. Igor Burakovsky, Head of the Board at the Institute for Economic Research and Policy Consulting, Ukraine.

The sanctions imposed on Russia by Western countries had two main objectives: changing the regime in Moscow, which now seems unlikely, and undermining Russia’s ability to continue the war in Ukraine. The sanctions have not had the intended effect, as Russia’s economic growth in 2023 was approximately 3%, surpassing that of the G7 countries. Since the beginning of the invasion, Russia’s additional revenues are estimated to be six times greater than the total military aid received by Ukraine. A reassessment of sanction strategies is necessary to increase their impact on Russia, including implementing a complete embargo on Russian exports or introducing additional taxes.