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War, February 24th. It was so unexpected that everyone was bewildered.
At the onset of a full-scale war, when the entire world found itself in a state of confusion and uncertainty, the situation in Ukraine was exceptionally tense. Kyiv was going through the toughest times in its history. Round-the-clock meetings in high-level offices with world leaders. The country was on the brink of survival. The top leadership of the state was in disarray, unsure of what the best course of action would be. Everyone in their respective positions tried to do their utmost, but there was no clear idea of how long the country could hold out. Zelensky’s office was enlisting anyone who could be of help. One of the key actors at that time was Andriy Pyshnyy.
The crucial thing was not to miss the moment and to act immediately!
One thing was evident – action was needed, and decisions had to be swift. While the top leadership worked on getting the Ukrainian Armed Forces the necessary weapons to fend off the Russian advance, someone had to deliver a blow to Putin’s regime through sanctions. This person turned out to be Andriy Pyshnyy (former head of Oschadbank, now the head of the NBU), who, at the most critical moment for the country, took the initiative into his own hands and began working on consolidating the West’s approach to sanctions against Russia. After all, a strong blow to the aggressor country’s economy could significantly influence Moscow’s decision to continue military actions.
At a time when Russian forces were already approaching Kyiv, Pyshnyycalled all members of the government and key foreign policy experts. They quickly discussed the situation and determined a list of sanctions that needed to be immediately imposed. Pyshnyymade it clear to Western partners that only harsh sanctions could stop the tanks and Putin. Each conversation included clear demands: an embargo on the export of military equipment and technologies that could be used by the enemy in warfare, freezing of bank accounts and assets belonging to Russian citizens and companies that could finance aggression, and a ban on the export of energy resources that could significantly limit the enemy’s capabilities.
But this wasn’t enough; more was needed.
After the initial sanctions were imposed, Pyshnyyunderstood that this was just the beginning of the journey and that actions needed to be systematized and strengthened for maximum effectiveness. He approached President Zelensky and proposed the creation of a special sanctions group, later named “Yermak-McFaul” Currently, this group operates under the leadership of the Head of the Presidential Office, Andriy Yermak, in collaboration with the Director of the Institute of International Studies, Freeman-Spogli (FSI), Ambassador Michael McFaul.
The first columns of Russians were destroyed near Kyiv, but the sanctions were still insufficient.
The “Yermak-McFaul” sanctions group embarked on extensive work to develop a detailed strategy for Ukraine’s sanctions policy. The first step involved studying critical issues, such as the Russian economy, the specifics of its foreign trade, and key figures in the Russian government and business who could be vulnerable to sanctions. Allied countries began actively implementing sanctions against Russia based on the recommendations of the sanctions group. Hundreds of Russian figures, politicians, and businessmen found themselves under sanctions, leading to a significant reduction in resources available to the Russian regime for waging war and repression. Pyshnyycontinued to work in the sanctions group, coordinating all efforts related to sanctions.
Insiders say they had never seen him so exhausted and inspired at the same time because he was in his element. This work demanded great dedication and sacrifices from him. He slept very little and barely ate because he understood the importance of the task facing Ukraine.
The imposition of sanctions created tension not only on the international level but also among the Russian population. Sanctions became a crucial tool in the fight against the aggressor and the restoration of stability in Ukraine.
The elaborated document, “The Roadmap for Ukraine’s Sanctions Policy,” served as the basis for the implementation of further sanctions and ensured systematic pressure on the Russian regime. Under Pyshnyy’s leadership and the sanctions group, Ukraine became a strong player in the international arena and demonstrated its readiness to defend its independence and territorial integrity.
“Sanctions work. That’s the first news. No matter how hard they try to convince us otherwise. They work and work powerfully… I had meetings at the State Department and the Department of the Treasury of the United States and with colleagues from central banks… However, I am convinced that we can and should do much more. And, in fact, I have constantly discussed this at almost every meeting with the heads of central banks and the leadership of the European Central Bank,” commented Andriy Pyshnyyin an interview with the Voice of America.
During Pyshnyy’s time in the sanctions coalition, Ukraine was able to strengthen its positions and gain international support during a challenging period of war. Full blocking sanctions were imposed on approximately 20 of the largest Russian banks, and an embargo on Russian oil and petroleum products was introduced, along with price limitations. Additionally, Russia was deprived of all rights within FATF. Individual sanctions were also placed on thousands of individuals from various sectors, and a coordination mechanism for implementing the sanctions of the “Group of Seven” was established.
Ukraine must continue the fight to the end. We won’t stop until we confiscate all Russian assets.
Amid the challenging situation in Ukraine, Pyshnyy continues his resolute battle against the Russian regime. He understands that to achieve the goal, more needs to be done, so he decided to take control of another crucial initiative. His objective is to seize frozen and confiscated assets of Russians in European Union countries, the United States, and the United Kingdom and redistribute them for the benefit of Ukraine.
This goal represents another stage in the fight against Russian aggression. To achieve this aim, Pyshnyy is conducting extensive work because it requires complex diplomatic efforts and cooperation with key Western partners.
However, he is confident that it is possible and that condemning the Russian regime and garnering international support for Ukraine is of utmost importance. It’s essential to note that Ukraine has significant support from its Western partners, such as the European Union, the United States, and the United Kingdom. These countries understand the importance of the issue and are willing to collaborate with Ukraine in this direction.
As part of his work with his partners, Pyshnyy actively engages in diplomatic negotiations and advocates for the idea of confiscating the property of Russians that has been frozen in their countries. He emphasizes that these assets were unlawfully acquired and are connected to Russia’s aggression in Ukraine, and that their confiscation and subsequent redistribution in favor of Ukraine is a fair and solidarity-based step.
This process requires significant effort and patience, but Pyshnyy is committed to his goal and believes that it is a key aspect in the fight against Russian aggression. He believes that through the joint efforts of Ukraine and its international partners, justice can be achieved, and the influence of the Russian regime can be diminished.
Pyshnyy continues his resolute work in defense of Ukraine and its interests on the international stage. His leadership role in the fight against Russian aggression has become a significant symbol of solidarity and a decisive factor in preserving peace and the country’s independence.
