He shared these insights during an interview on Espreso TV.
"In situations like these, when a country is embroiled in conflict, the most effective measure is an embargo. This means a complete ban on importing anything from that country, similar to what was done with Iran. So, why hasn't this happened now? The key reason is the lack of a unanimous decision at the UN. The Security Council is blocked by Russia, preventing the imposition of sanctions that align with the violations of international law and the UN Charter committed by Russia. That's the first challenge," emphasized Chaly.
Chaly further noted that the main obstacle to imposing sanctions at the necessary level is the absence of a UN resolution.
"Each country tends to prioritize its own interests. We've seen this with Hungary, a NATO member, and other countries seeking advantages in this situation," he said.
The diplomat highlighted that it will be possible to speak of concrete guidelines and economic impact when major global investment funds divest completely from Russia, including pulling out of Gazprom, Rosatom. However, there are still companies operating in Russia, and the aggressor nation has the option to adapt and survive in the years ahead.
"Putin has made security a top priority. They will tap into the resources of their citizens, even if it means depriving them, but they will persist. Therefore, fully depleting Russia's resources is challenging," he believes.
Additionally, he pointed out that even if Russia were to become economically exhausted, it might not necessarily lead to a change in their actions or a military withdrawal.
"That's why a robust sanctions policy needs to be implemented now, although there seems to be limited readiness for this. Alternatively, we must honestly acknowledge that our primary hope lies with the military front. Initially, the USA supported this approach with a combination of sanctions and gradual escalation," Chaly added.
On September 14, the United States imposed new sanctions on over 150 companies and individuals aiding Russia in bypassing restrictions.
On September 19, the US Treasury Department announced sanctions against a network of companies from Iran, China, Russia, and Turkey involved in smuggling components for Iranian aircraft and drones.
On September 22, Canada also imposed sanctions on over 60 Russian individuals and entities.
Additionally, on the same day, the G7 countries visited India to inspect the enforcement of the ban on importing diamonds mined in Russia.