On 17 April 2018, the Russian Union of Industrialists and Entrepreneurs (RSPP) held a discussion of the new package of the US sanctions imposed by the U.S. Department of the Treasury on April 6, 2018. The participants exchanged views of the new sanctions and their consequences for business and economy of Russia and formulated proposals on measures to support companies put under the US restrictions and actions to address their negative effects.

The RSPP statement:

The Russian Union of Industrialists and Entrepreneurs (RSPP) Statement on the new US sanctions against the Russian Federation

The Russian Union of Industrialists and Entrepreneurs (RSPP) expresses its deep concern with regard to the US authorities illegal actions against a number of the Russian companies and citizens introduced by the U.S. Department of the Treasury on 6 April 2018.

The RSPP considers the new sanctions unreasonable and unlawful. We deplore use of political instruments for discrimination of the Russian companies in external markets and violation of the international competition rules and the WTO norms.

RSPP emphasizes that such protectionist practices undermine the foundations of the international trade system and damage not only Russian business but their international partners, including those in the US and the EU.

RSPP confirms its commitment to international economic cooperation. We will continue our work aimed at protecting business interests at national, regional and global levels.

These unreasonable sanctions jeopardize private business development in Russia, may lead to reduction of the private sector share in the Russian economy, thus impairing a major economic achievement of post-Soviet Russia.

RSPP calls on its member companies and all Russian business to render support to the citizens and companies put under the US restrictions. The RSPP will undertake all measures necessary for their support.

RSPP calls on its international partners to support our constructive position and prevent aggravating of tensions, escalation of protectionism and violation of fundamental norms and principles of international cooperation.

Source: RSPP International Cooperation department

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