B4Ukraine: 2024 Іs the Year to Defund Russia’s War: The West Holds the Key

2024-03-14 | Expert publications, Sanctions, Asset confiscation

Two years after the start of Russia’s all-out war on its sovereign neighbor, Ukraine is still resisting as Russian attacks continue to destroy infrastructure and human lives. The flow of Russia’s fossil fuel revenue combined with corporate taxes paid by foreign companies and the supply of western military tech can explain Russia’s ability to continue to wage war and further militarize. The imposition of sanctions by the EU, the US and other G7 states have constrained its economy, but Russia found ways to evade and circumvent sanctions. Closing the existing sanctions loopholes and issuing guidance on the risks of remaining in Russia for the non-sanctioned businesses are of paramount importance to defunding Russia’s war machine. Further actions by the West are the key to crippling Russia’s capacity to wage war in 2024 and beyond.

Since its inception in July 2022, the B4Ukraine Coalition of over 80 civil society organizations globally has been working to persuade governments and companies to defund Russia’s illegal war. Jointly with our members, B4Ukraine has focused our efforts on promoting robust sanctions on the oil and gas as well as the weapons sectors, while also calling on the remaining foreign businesses operating in Russia to protect human rights and exit the market of the aggressor state.

This report summarizes B4Ukraine’s collective and individual members’ contribution to our shared goals and recommends urgent imperatives and further actions.

The full report can be found HERE.