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Anti-Moscow Sanctions Hit US Service Firms More Than Russian Counterparts

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The US flag - Sputnik International
US companies that focus on services have been more affected by sanctions imposed on Russia than their Russian counterparts, Russia's Trade Representative to the United States Alexander Stadnik told Sputnik on Friday.

WASHINGTON (Sputnik) — Stadnik explained that service exports from Russia to the United States grew by 25.8 percent in 2016, reaching $2.5 billion, while bilateral services trade dropped by five percent that year.

"The total volume has dropped, while Russian services have grown. It means that the decline was experienced by the American side. This is primarily caused by sectoral sanctions, especially in the financial sector," Stadnik stated.

Russian and U.S. flags - Sputnik International
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The Trade Representative said that Russian logistics and IT companies have offered more services in 2016. He noted that tourism could also become a growing field.

In 2013, bilateral service trade between the United States and Russia stood at almost $11 billion. In 2014, it dropped to $10.3 billion and reached $7.7 billion in 2015.

In 2014, the United States along with European Union member states and other countries imposed several rounds of sanctions against Russia on the pretext of its alleged involvement in the Ukrainian crisis, a claim which Moscow has repeatedly denied.

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