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British businessmen come out with open letter disapproving US, EU sanctions against Russia

August 05, 2014, 18:52 UTC+3 LONDON

“Through trade and contact, a trust develops leading to reliance and openness between countries,” statement says

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LONDON, August 05. /ITAR-TASS/. British businessmen are not happy with tougher sanctions against Ruussia. In an open letter published by on the website of the Telegraph daily on Tuesday, they said the US and EU sanctions would only worsen economic ties between the two countries.

“The sanctions being imposed by the EU and America on Russia will not deter the Russian government from involvement in Ukraine,” the letter says. “Indeed, the sanctions will be blamed by the Russian government for poor economic performance and be used to justify its strong anti-Western stance.”

“Through trade and contact, a trust develops leading to reliance and openness between countries. There is no better basis for establishing a better understanding between Russia and the West,” the letter stresses.

The document is signed by Steven Landes, Senior Partner, S H Landes LLP; Barry Martin

Chairman, The Russia House; David Gardner, DG Leadership; Michael Lightfoot, Managing Director, Classical Brands; Timothy Jelley, Founder, Export Explorer; John Metcalfe, Director, RFIB Group; and John Bonar, Focus on Russia.

The new spiral of sanctions against Russia followed the crash of a Malaysian passenger airliner in Ukraine’s eastern Donetsk region near the border with Russia. The sanctions have sent Russia-bound exports going down. A number of companies have suspended operations with Russian clients.

The latest sanctions target the oil, defence and high technology sectors, and dual-use products. European business leaders are wary of Europe’s curtailing cooperation with Russia in other sectors if relations with it further deteriorate.

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