Finland’s foreign minister, Elina Valtonen, has emphasized the need to maintain and strengthen economic sanctions against Russia, pointing to signs of economic strain in Moscow.
The minister’s comments come as Western nations intensify efforts to counter Russia’s “shadow fleet” – approximately 600 aging, uninsured tankers used to bypass EU and G7 price caps on fuel and petroleum products.
In December, a coalition of 12 European countries, including the UK and Finland, agreed to implement stricter insurance verification measures for suspected shadow fleet vessels traveling through key maritime routes.
Russia’s energy revenues are crucial for funding its military operations in Ukraine.
“We see that sanctions are working,” Valtonen said to the Telegraph, “Russia’s economy is showing some serious cracks”.
According to Valtonen, despite generating over £650 billion from oil and gas exports since 2022, Russia’s economy is showing signs of stress.
Recent economic indicators support this assessment. Russia’s central bank has raised its key interest rate to 21 percent, and GDP growth projections for 2025 range between 0.5 and 1 percent, down from 3 percent in the current year.
The UK and nine other nations, including Finland, have formed the Joint Expeditionary Force to monitor suspicious vessel activity, implementing British AI technology to track ships entering areas of concern.
On defense matters, Valtonen stressed the importance of maintaining strong military capabilities within NATO.
“It’s an existential question for Europe, and all countries need to ramp up their defence and deterrence,” she stated, adding that the threat from Russia may persist even after a potential peace agreement in Ukraine.
On 10 January, the US and the UK announced sweeping sanctions against 183 Russian-controlled and shadow fleet ships, marking one of the largest actions since the onset of the full-scale war in Ukraine. The sanctions specifically targeted major Russian oil producers such as Gazprom Neft and Surgutneftegas, along with numerous oil traders and service providers.
In January, French Foreign Minister Jean-Noël Barrot said that European Union sanctions had cost Russia approximately €400 billion, equivalent to three years of its war funding against Ukraine.
Related:
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- Britain imposes largest sanctions package against Russia’s shadow fleet
