Angelika Hellweger outlines the deterrent effect of sanctions against Russia

With oligarch Sergei Naumenko having lost his legal bid to overturn the detention of his superyacht, Angelika Hellweger outlined the effect and limitations of sanctions on Russia.

Naumenko's 58.5 metre yacht Phi was detained in London under the UK government's Russian sanctions in March 2022. London's High Court has now rejected Naumenko's case that the yacht was detained for an improper purpose.

The case prompted The National to ask Angelika for her thoughts on the situation.

She said that actions such as detaining the Phi are "done by the West in a PR light to show the Russian elite what will happen to them and hope it has a deterrent effect".

Angelika added:

"Moving against yachts and cars and so on is mainly a statement that they will go after them wherever they are and to show Putin and the people around him that the West won’t tolerate them."

But she emphasised that Russia, like many other countries in similar situations, has managed to find ways around the sanctions imposed on it. She  cited Russia’s use of informal and shadow trade networks with neighbouring countries such as Kazakhstan and Belarus.

She concluded:

"You cannot isolate an economy forever, in particular one so integrated with the rest of the world, with globally important commodities such as oil and gas, like Russia, on which the West is very much dependent."

The full article can be read here.

Featured at: The National News