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Russia To Develop Business Ties In The US Despite Sanctions

Jalil Javed

The Trade Minister of Russia, Denis Manturov, is currently on a trip in the United States, and claims that they are ready to talk to US businesses in order to make deals despite the latest sanctions passed by the US Congress. He also claimed that Russia will not discriminate against foreign businesses based out of Russia.

“First of all, we are interested in developing relations and business,” he said, adding “considering reciprocal measures constantly is not fruitful.”

Manturov said that Russian companies had adapted to western sanctions, but also said that Russia expects Washington to be more reasonable in order to make sure that business and trade is not hurt in the long term.

On Thursday, the US added more companies to the sanctions list, with most of them being Russia’s native defense and intelligence entities. These include Rostec, Sukhoi, Tupolev, MiG, Kalashnikov Concern, and Rosoboronexport, with many other companies added to the list as well.

At the sidelines of a US-Russia Business Council meeting, Manturov said that the US businesses have directly invested $335 million in Russia in the first quarter of 2017, compared to $400 million in the whole of last year, with most of the investment going into the logistics, retail, and manufacturing sector.

A recent report claimed that the US Sanctions had so far cost the European Union $30 billion, and that the majority EU member states had a negative outlook regarding these penalties.

Featured Image Credits: Getty

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