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Wednesday, January 17, 2018

Anti-Russian US sanctions hit Europe: what the EU will respond

Signed by the President of the United States trump the bill on the new sanctions package against Moscow caused the disapproval of the European business Association. Entrepreneurs are not alone in their protest: anti-Russian sanctions previously condemned European Commission President Jean-Claude Juncker and foreign Minister of Germany, Sigmar Gabriel. How badly damaged the European business from the fresh law of the United States, “MK” told the expert in European law.

photo: ru.wikipedia.org

Photo: Kevin McCoy.

“The principles of free trade should not be subject to such restrictions”, — reads the statement of the European business Association, which represents the interests of more than 500 companies from the EU and the Eurasian economic Union.

“The Association urges the heads of state and government of the EU, USA and Russia to develop a new line of conduct, which would separate business from politics and to find a common, mutually acceptable solution in the spirit of peace and harmony”, — added in the document.

“Of course, the concerns of European businesses are not unfounded, because a number of us sanctions affect the energy security of Europe, — says associate Professor of European law at MGIMO Nikolai Topornin. — Europeans do not like the fact that this time the sanctions are absolutely not consistent with the EU. Before the sanctions mechanism was harmonized and no one has any fears arose. The current package of restrictive measures affected the oil and gas sector of Russia: prohibits the supply of modern equipment, long lending, investment in oil and gas complex of the Russian Federation in excess of $5 million That is any European firm that is going to invest, say, 100 million (and such firm has, their five or six) will automatically fall under these sanctions. The United States may close their access to the U.S. market for energy projects to financial resources.

So the Europeans see in this law is an obvious threat. For them, energy security is not an empty sound. That they have their own oil reserves and shale gas, they can afford some time to do without energy imports. In Europe, a totally different situation: there is a small oil and gas reserves in Norway, but they cannot meet all the needs of the Old world. Yes, they buy oil in the middle East, but in the same Germany to 60% of gas consumption comes from Russia. Eastern Europe, the Baltic States even more dependent on our natural gas. And this system to me, because it supplies reliable, there has already been decades in the formation of prices takes into account objective parameters”.

“Who supplies us with energy, we decide in accordance with the market rules of transparency and competition”, — said earlier the Minister of foreign Affairs of Germany Sigmar Gabriel and the Austrian Chancellor Christian Kern. In their opinion, the US sanctions are just trying to shift with the market of the main competitor and the Europeans to impose their own gas and oil.

Sanctions . Chronicle of events

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