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US new sanctions against Russia pose threat to European economy — German businessman

June 16, 21:32 UTC+3

The US Senate earlier approved a bill aimed at increasing pressure on Iran, which also includes a provision on tightening sanctions against Russia

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BERLIN, June 16. /TASS/. The US Senate’s plans to impose new sanctions on Russia pose a threat to the European and German economies, Klaus Schafer, deputy chairman of the German Committee on Eastern European Economic Relations, said in a statement on Friday.

"The US Senate’s sanctions plans cause serious concern as they actually pose a threat to the European and German economies," the statement reads. "In this case, the America First principle is used to provide access to international markets to the US companies and cause damage to the jobs market in Europe," Schafer said.

"Besides, we consider the extraterritorial application of economic sanctions to be a mistake," the statement adds.

The German Committee on Eastern European Economic Relations believes that "the spiral of sanctions will increase the risk of new trade wars and lead to uncertainty in the global economy." "It will not help us come closer to finding a solution to the Ukrainian crisis," Schafer said. "Instead of raising tensions, we need all the parties to search for solutions at the negotiating table," he added. According to the Committee’s deputy chairman, if sanctions against Russia are enshrined in law, they will hamper politicians from "meaningfully responding to positive changes in the situation."

Schafer noted that "trade between the United States and Russia does not amount to even one tenth of trade between the European Union and Russia." "It is us, the Europeans, who pay the price of sanctions," he stressed. "If the proposed sanctions are introduced, Europe will face difficulties in purchasing energy resources at good prices as prices will inevitably grow," Schafer said.

The US Senate earlier approved a bill aimed at increasing pressure on Iran, which also includes a provision on tightening sanctions against Russia. Now the House of Representatives needs to approve the bill before it is submitted for signing to US President Donald Trump. According to the bill, it will require a congressional review for any lifting, suspension or termination of sanctions on Russia.

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