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European businessmen want sanctions against Russia to be lifted, AEB says

November 11, 2014, 3:59 UTC+3 MOSCOW

We hope that the sanctions regime will end soon because it is a bad situation for Europe, he said

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MOSCOW, November 11 /TASS/. The Association of European Business (AEB) hopes the economic sanctions which the European Union and the United States imposed on Russia will not last long.

European companies have already faced a decline in the growth of their businesses in Russia, AEB CEO Frank Schauff told Tass on Monday.

We hope that the sanctions regime will end soon because it is a bad situation for Europe, he said.

The AEB CEO added that European companies were complaining of legal uncertainty, which is hindering their operations and slowing down their business in Russia. The weakening rouble is another source of concern for European businessmen who wish to radically change the situation.

As far as I know, all companies operating in the Russian market intend to continue working in Russia, Frank Schauff said adding that AEB maintained constant dialogue with Europe’s business community and the European Commission, which knows that European business circles are dissatisfied with the situation.

The United States and the European Union imposed economic sanctions on Russia over the political crisis in Ukraine and Crimea’s reunification with Russia. The penalties include both sectoral sanctions directed against separate sectors of the Russian economy (including limited access to foreign capital) as well as sanctions against Russian and Ukrainian individuals including Igor Sechin, the president of the Rosneft oil company; the Volga Group head Gennady Timchenko and Sergei Chemezov, director general of the state company Rostech.

On August 7, Russia banned the import of certain agricultural products from the United States, the European Union, Canada, Australia and Norway. The organization of European agrarian producers has put their damage from Russia’s retaliatory actions at more than 7 billion euro.

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