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So-called “smart” sanctions against Russia appear tailored to allow Western business to quickly return, should Moscow change course, Jose Fernandez, former assistant secretary of state for economic, energy and business affairs said in an interview to the Wall Street Journal (WSJ) published on Monday.
Difficulty reversing what Mr. Fernandez called a “spaghetti bowl” of sanctions against Libya and Myanmar has made US officials careful to roll out more specific measures against Moscow, the article says.
“Targeting niche activities of specific companies, such as OAO Rosneft’s ability to drill in the Arctic, rather than broad punishment of Russia’s entire economy, will allow Western business to quickly return when the crisis ends, said Mr. Fernandez, who is now a partner at Gibson Dunn & Crutcher LLP,” the article says.
On September 12, the United States imposed new sanctions on Russia in connection with the situation in Ukraine. The sanctions target, in particular, five Russian energy companies - Gazprom, Gazprom Neft, Lukoil, Surgutneftegaz and Rosneft. The sanctions banned the supplies to them of products, services and technology needed for deepwater offshore oil drilling, development of the Arctic oilfields or shale oil extraction.