By Kyiv School of Economics Energy sanctions continue to face challenges, while Russia’s favourable external environment supports its economy and fiscal stability. These trends clearly show that the pressure on Russia is insufficient. Ukraine’s allies must demonstrate their political will and ensure that sanctions work to their full potential. In June 2024, almost 90% of Russian seaborne crude oil exports were transported by shadow fleet tankers, further weakening the G7/EU price cap regime. As a result, Russian oil export earnings in the first half of 2024 boosted by 22% compared to the same …