Anti-Russian sanctions are damaging to US enterprises and could undermine Washington’s financial system. This opinion was expressed by Richard Sawaya, who is the vice president of the United States National Council on Foreign Trade and head of USA Engage Trading Co.
According to Sawaya, the economic restrictions that the United States has repeatedly imposed since 2014 not only did not have the “desired” effect on Russian politics and the economy, but also turned against Washington.
Due to restrictive measures, US companies were forced to leave numerous projects that are being implemented in Russia. Instead, their place was taken by Russian and Chinese startups.
Sanctions as coercive tactics per se have not changed Russia’s conduct of foreign policy. They have motivated unprecedented cooperation between Russia and China.
“According to this law, US companies must withdraw from all energy projects in which Russian legal entities own at least a minority stake. According to estimates, nearly 150 energy projects in more than 50 countries will suffer,” he said.
DASKA aims to terminate any operations of American companies in Russia
Russian companies can buy small stakes in new energy projects and thus drive American firms out of the market, explained the vice president of the National Council.
Sawaya noted that thousands of people around the world are employed in the energy sector and disruptions in their work will create a chain reaction that will ultimately lead to disastrous consequences in the United States.
Moreover, DASKA aims to terminate any operations of American companies in Russia, which will be a punishment for them.
“In general, in the context of the global economy with its complex network of transnational supply chains, the constant tightening of US sanctions leads US companies to be considered unreliable partners,” he complains.
As Sawaya emphasized, the abuse of sanctions complicates the business environment and makes it unpredictable, and also interferes with cash flows. In such circumstances, international financial transactions may completely leave the United States. And this will create a threat to the central role that the American financial system plays in the world.
In 2014, Washington imposed sanctions against Moscow due to the situation in Ukraine. Subsequently, the United States repeatedly extended and imposed new economic restrictions. The American side links sanctions with the situation in Ukraine and Syria, “cyber attacks” and “attempts to undermine Western democracy.”
In Moscow, the policy of economic restrictions is called a manifestation of powerlessness. According to President Vladimir Putin, imposing sanctions is counterproductive and pointless. The head of state expressed hope that the United States will recognize the failure of such a policy and that the countries will begin to cooperate normally.