New Sanctions Against Russia May Negatively Impact US Business

MOSCOW, June 27 (RIA Novosti) – Possible new sanctions against Russia may result in negative consequences for US business, Bloomberg reported Friday citing senior US politicians.

US Secretary of State John Kerry warned Moscow earlier this week that the US and EU were preparing a new round of sanctions against Russia in case they were necessary to de-escalate the Ukraine crisis.

According to Bloomberg, US President Barack Obama risks Republican attacks if he imposes new sanctions on Russia, with some Republicans saying: “You’re killing American business” with new economic penalties, former US Defense Secretary William Cohen told the agency.

Senator Bob Corker of Tennessee, the top-ranking Republican on the Foreign Relations Committee, said: “There are times where our foreign policy interests trump individual mercantile interests, and now is one of those times,” commenting on the need for more sanctions.

John Feehery, a Republican political strategist, said the effect of new sanctions on the midterm elections would likely be limited. “On its own, it’s not going to have that much of an impact,” the strategist said, adding: “I can see bigger implications if it all turns drastically wrong.”

Linda Dempsey, vice president of international economic affairs for the manufacturers’ group, said the moves would hurt American business, without damaging Russia.

“Our competitors in Europe and Asia are going to easily fill the void,” Dempsey said.

US companies that would be most affected by new sanctions targeting the energy sector include Halliburton, Exxon Mobil and National Oilwell Varco, the report said.

The US Chamber of Commerce and National Association of Manufacturers launched a campaign earlier this week warning Washington against adopting new sanctions against Russia, saying the actions would harm American manufacturers and cost American jobs.

The US has imposed sanctions on a number of Russian officials and companies following the country’s reunification with Crimea. Washington has also repeatedly threatened Moscow with tougher economic sanctions. Russia’s Foreign Ministry has called the measures counterproductive and warned of the boomerang effect they might have.

White House spokesperson Josh Earnest said Thursday Russia is taking some positive steps, but unilateral sanctions are not off the table.

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