MOSCOW, March 7. /TASS/. The American Chamber of Commerce (AmCham) in Russia is preparing a document with recommendations for the US government on lifting investment, aviation, financial, and import sanctions, AmCham Russia President and CEO Robert Agee said in an interview with RBC.
"We are currently preparing a so-called white paper for the American government, which I hope to present in the US. This is analysis that has been carried out for many months on issues faced by American companies over the past three years, and what sanctions have hurt the most," he told the publication.
The American Chamber of Commerce in Russia is asking to lift restrictions in the aviation sector as a priority, the paper said, adding that aviation sanctions concern supplies of components and maintenance of aircraft. "This is less a wish of business, but more a humanitarian necessity as ordinary citizens are affected first of all," the head of the chamber noted. AmCham Russia, together with the Franco-Russian Chamber of Commerce and Industry, have launched the ‘Two Continents Initiative’, and the two countries’ organizations are currently drafting a joint position on the issue.
The next point of the white paper is the removal of the ban on investments for American companies, Agee told RBC. Many US companies are ready to expand, investing in the growth of production on Russian territory, though this prohibition creates certain obstacles in this process. Moreover, AmCham Russia suggests that restrictions on supplies of luxury goods, including cosmetics, be lifted. Sanctions imposed in this sector resulted in the loss of market share for many companies.
Moreover, the American Chamber of Commerce in Russia suggests that US sanctions on Russian banks be removed to resolve the issue of cross-border payments, the head of the chamber said, adding that this decision will allow lowering the cost of doing business both for Russian and American and other foreign companies. Due to the present restrictions, the cost of doing business has soared several times, he noted.
Agee projected that around 4-5 US companies will be able to return to Russia this year, most probably being FMCG firms if they find a market niche. As per the American Chamber of Commerce, around 150 purely American companies currently operate in Russia, with another roughly 150 firms having left the country, and 50 former American ones having become Russian.