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US sanctions may hurt North American Caterpillar, Bombardier — Russia's tank maker

July 17, 2014, 13:26 UTC+3 MOSCOW
Uralvagonzavod (UVZ) Deputy CEO Alexei Zharich says US Caterpillar and Canada's Bombardier wanted to enter the Russian market
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MOSCOW, July 17. /ITAR-TASS/. Russian battle-tank maker Uralvagonzavod (UVZ) cannot be seriously affected by new sanctions imposed by the United States, as it maintains no military and technical cooperation with US companies, UVZ Deputy CEO Alexei Zharich said. On the contrary, the US sanctions will primarily be harmful to North American companies Caterpillar and Bombardier, interested in the Russian locomotive and light rail transport market.

“These sanctions will hurt American companies with which we have joint civil projects connected with locomotive building and light rail transport,” Zharich said.

“They wanted to enter the Russian market. Now some other companies will take their place,” he said, talking about cooperation with the US-based Caterpillar Inc. in building locomotives and Canada’s Bombardier Inc. in the light rail vehicle segment.


Third round of US santions vs Russia

The US government on Wednesday announced new sanctions against Russia over the events in Ukraine. The penalties will apply to individuals and companies both in Russia and Ukraine.

The sanctions apply to Russian State Duma Deputy Speaker Sergei Neverov, Minister for Crimean Affairs Oleg Savelyev, Russian presidential aide Igor Shchegolev, Federal Security Service (FSB) Colonel General Sergei Beseda, and a leader of the self-proclaimed Donetsk People’s Republic (DPR) in eastern Ukraine, Alexander Borodai.

The organizations targeted by the punitive measures include Russian state corporation Vnesheconombank, Russian state-controlled energy giant Gazprom’s banking arm Gazprombank and state-owned oil company Rosneft.

The organizations list also includes Federal State Unitary Enterprise State Research And Production Enterprise Bazalt, Feodosia Oil Products Supply Company (in Crimea), Radio-Electronic Technologies Concern KRET and Concern Sozvezdie.

Other companies on the list are Military-Industrial Corporation NPO Mashinostroyenia (scientific and production machine building association), Defense Consortium Almaz-Antey, weapon manufacturer Kalashnikov Concern, KBP Instrument Design Bureau, Research and Production Corporation Uralvagonzavod and Russia’s largest independent gas producer Novatek.

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