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    New US Sanctions Will Not Impact Trade With Russia - Economist

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    Washington’s new sanctions against Russia will have little, if any, effect on the trade relations between the two countries, the head of the Russian-American Pacific Partnership forum said on Friday.

    “The United States does not trade with Crimea, so the latest clarifications regarding a standing ban on commercial relations with this region will have no additional impact,” said Derek Norberg, who also heads the Council of US-Russia Relations.

    On Thursday the US Treasury Department added to its black list several individuals and companies from Russia and other countries which it believes are trying to do business with Crimea in circumvention of the US-imposed sanctions.

    “I don’t think the additional sanctions imposed by the Treasury Department will have any tangible effect on trade relations between the United States and Russia,” Norberg said, adding that only a handful of new individuals and companies had been added to the black list and several banks added to the so-called “sectoral sanctions” list.

    “Their banking activity with clients is not mentioned though, so it will have no direct impact on the commercial transactions of American and Russian companies working with the blacklisted banks,” Derek Norberg noted.

    One real effect of the US decision is that the blacklisted organizations will not be able to borrow money in the United States.

    “Well it looks like they never really counted on that, all the more so because their access to western banks had already been very limited and western banks simply refuse to loan money to Russian banks,” Norberg added.


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    bilateral trade, black list, anti-Russian sanctions, US Treasury Department, Council of US-Russia Relations, Derek Norberg, United States
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