On 8 April, Ambassador of Ukraine to the Republic of Estonia Volodymyr Boiechko took part in the seminar “Draining Fuel from the Russian War Machine: Oil, Gas, and Sanctions Outlook.”

The event was organized by the Ministry of Foreign Affairs of Estonia jointly with the International Centre for Defence and Security (ICDS) with the aim of exchanging views on sanctions policy, the situation on energy markets, and current geopolitical challenges in the context of Russia’s ongoing aggression against Ukraine.

As part of the seminar, Professor at the University of Helsinki and Non-Resident Research Fellow at ICDS Veli-Pekka Tynkkynen presented his study “Draining Fuel from the Russian War Machine: Oil, Gas, and Sanctions Outlook”, devoted to the role of energy revenues in financing Russia’s war machine, the effectiveness of Western sanctions, and further steps by the international community aimed at increasing pressure on the aggressor state.

The participants in the event emphasized the importance of further strengthening the sanctions regime, limiting Russia’s revenues from oil and gas exports, and also noted the need to diversify the energy sector by investing in renewable energy sources and reducing dependence on fossil fuels.

The seminar was attended by Director of ICDS Kristi Raik, Director General of the Department of Sanctions and Strategic Export Control at the Ministry of Foreign Affairs of Estonia Kadri-Elias Hindoalla, Chairman of the Management Board of the Estonian State Reserve Agency Ando Leppiman, economic expert Raivo Vare, as well as representatives of the diplomatic corps accredited in Tallinn, state institutions, and the expert community.

Photo credit: Ministry of Foreign Affairs of Estonia