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New US sanctions reflect Washington’s economic goals — German official

August 04, 2017, 1:44 UTC+3 BERLIN

The official said the move may "have a painful impact on the German economy in general"

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BERLIN, August 4. /TASS/. The law toughening US sanctions against Russia promotes Washington’s economic goals and may damage the German economy, a senior official at the Association of German Chambers of Industry and Commerce (DIHK) told TASS on Thursday.

"There is an impression that the American side places emphasis on its own economic interests. In this respect, the European Commission’s decision to think about possible retaliatory measures comes as a logical reaction to extraterritorial sanctions, questionable from the point of view of the international law," said Volker Treier, Deputy Chief Executive and Managing Director of International Economic Affairs at the Association of German Chambers of Industry and Commerce (DIHK).

The official added that "important energy security projects may be put on hold" if German companies are barred from engaging in joint projects with Russia.

"This would have a painful impact on the German economy in general," he said.

US President Donald Trump signed the bill envisioning tougher sanctions against Russia, Iran and the DPRK on August 2. Trump said in a statement on the occasion of signing of the law the document was flawed and some of its provisions stood at variance with the U.S. Constitution.

The Europeans are alarmed by the fact the new round of US sanctions mentions the Nord Stream 2, a major new gas pipeline, the construction of which has given rise to highly politicized wrangling. Along with it, the document says the US Administration should make the exports of American energy resources to Europe one of its priorities.

German Foreign Minister Sigmar Gabriel earlier said that the sanctions should not become an instrument for promoting interests of the US energy sector, adding that Germany would not tolerate any restrictions affecting European companies. Germany’s economic ministry said that attempts to put pressure on European companies would constitute a breach of the international law.

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