Thursday, June 26, 2014

Businesses on Both Sides of the Divide Push Back Against Russian Sanctions - The Wire

Two major business lobbies in the United States plan to break with President Barack Obama's plan to issue more sanctions against Russia. The two groups, the U.S. Chamber of Commerce and National Association of Manufacturers, believe the additional sanctions will harm state-side employees and businesses.

Sources familiar with the matter told Bloomberg Businessweek that the lobbies plan to take advertisements in the New York Times, Wall Street Journal, and Washington Post this Thursday to address the economic impact of these sanctions.

Copy for the advertisements obtained by Bloomberg Businessweek read as follows:

"...the only effect [of economic sanctions would be] to bar U.S. companies from foreign markets and cede business opportunities to firms from other countries."

Rather than address Obama directly as the force behind the sanctions, lobby presidents Jay Timmons and Thomas Donohue address "some U.S. policymakers."

Igor Sechin, CEO of Rosneft, a Russian owned natural gas and oil company, expressed similar concerns about the impact of future sanctions. In a press conference this week, Sechin told Handelsblatt (Germany's largest business and financial publication), "Sanctions will not help anybody. There will only be additional risks. The number of those [indirectly] concerned will grow."

Complete story at - Businesses on Both Sides of the Divide Push Back Against Russian Sanctions - The Wire

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