MOSCOW, August 30, 3:26 /ITAR-TASS/. The Association of European Businesses incorporating several thousand companies operating in Russia or in contact with Russian partners has urged the EU heads of state to refrain from taking more economic sanctions against Russia.

The AEB issued a news release with this call ahead of European Council meeting that will be discussing the possibility of more sanctions on Russia over the latest developments in Ukraine.

“The previous sanctions were ineffective as they did not change the course of the events. Moreover they are deeply damaging to business conditions and to the markets, not only in Russia and Ukraine but also in the EU,” the AEB said.

The AEB asked the EU heads of states and government “to keep business, which creates wealth, jobs and stability, out of politics and to solve the Ukrainian crisis diplomatically.”

This is not the first time the AEB is addressing the EU and Russia to refrain from sanctions. In early August the association’s members asked the EU and Russian authorities to protect investors on both sides from any further retaliatory restrictive measures.

The Association of European Businesses was established in 1995. Currently it unites 630 companies in the EU countries and Russia. Among its members there are both transnational giants, including Bonduelle, Nestle, Valio and Auchan and medium and small businesses.

On August 7 Russia retaliated to Western sanctions imposed over events in Ukraine. It prohibited all import of beef, pork, vegetables, fruit, poultry, fish, cheese, milk and dairy products from the European Union countries, Australia, Canada, Norway and the United States.