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Association of European Business voices disagreement with US sanctions

July 17, 2014, 18:23 UTC+3 MOSCOW
The association notes that these business entities “are reliable and long-term partners of many European companies
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© AP Photo/Charles Dharapak

MOSCOW, July 17. /ITAR-TASS/. Association of European Businesses (AEB), a Moscow-based business group, has expressed strong disagreement with the new US sanctions against Russian companies and banks over the aggravating crisis in Ukraine.

A press release issued by the association says these companies and banks “are not involved in the Ukrainian crisis”. The AEB notes that these business entities “are reliable and long-term partners of many European companies.”

“The AEB also notes that these sanctions are more focused on the partners of the European businesses than on the partners of American companies,” the press release said.

The Association also regrets the new EU sanctions concerning the activity of the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) in Russia, which might also affect the general reliability of these two European financial institutions in other markets.

“Those organizations are actively involved in promoting and implementing European values, projects to supports humanitarian and sustainable development and any limitations on their activity would have negative impact on future long-term EU-Russian relations,” the AEB said.

“The AEB restates its position against economic sanctions towards Russia and promotes de-escalation for all the parties,” the press-release said. “The association thinks that this escalation through the sanctions could affect the business of European companies and economic growth not only in Russia, but also in Ukraine and in the EU.

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