Conclusions of 2023 and Forecasts for 2024: Digest of the Economic Security Council of Ukraine.

16:37, 18.01.2024

In today's dynamic world, where we are constantly faced with new geopolitical and economic challenges, it is important to understand the key aspects of events and to be able to respond to them correctly and in a timely manner. We present the annual digest of the Council of Economic Security of Ukraine regarding the conclusions of 2023 and forecasts for 2024.

The document highlights global issues affecting Ukraine and the entire democratic world: the long-term Russian aggression against Ukraine, the multidimensionality of the war, the rethinking of sanctions policy, the importance of public control, the development of public councils, and the national sanctions registry. Attention is also focused on priorities for 2024 and cooperation between states and civil society.

  • Sanctions are the newest weapon

Russian aggression against Ukraine has been going on for almost 10 years, and in addition to the battlefield, sanctions are a key tool in this confrontation. The democratic world is rethinking its approach to sanctions, focusing on their effective implementation and avoiding violations of their circumvention. The vector of 2024 is a change in the sanctions policy from deterrence to the destruction of Russia's economic and military potential, and the key measures are the strengthening of the international coalition and the targeting of restrictions on critical sectors of the Russian Federation.

  • Modern wars are multidimensional

Russia's war against Ukraine includes conventional, economic, cyber, information, and cultural dimensions. This multidimensionality creates a new security challenge, as other authoritarian regimes may employ similar approaches. Russia's cyber aggression, which has no geographical limitations, is becoming a threat to international security. The supply of Western technologies to the Russian Federation contributes not only to the continuation of the war but also undermines the security of other states. In 2024, democratic states must recognize this multidimensionality and stop Russia's access to Western technologies, as well as increase the responsibility of the private sector for supporting the Russian economy.

  • Effective public control is the key to success

In the modern system of deterrence, civil society is an important factor in ensuring economic stability and the recovery of Ukraine after the war. The development of community councils is a key area aimed at strengthening institutions. Public scrutiny is important for effective countermeasures against Russia, an example of which is the monitoring of the national sanctions policy. In 2023, Ukraine initiated the introduction of a national sanctions registry for more transparent formation of lists; control of the register is defined as a priority of the expert environment for 2024. This year, the interaction between state bodies and civil society will play an important role in the success of the entire democratic coalition.

Engage in active public scrutiny of the definition and implementation of strategies to counter Russia because cooperation between states and civil society is a key element of a democratic coalition.