US business wants easing of Russia sanctions
In an interview with the Russian business daily RBK on Friday, Agee welcomed the dialogue between US President Donald Trump and his Russian counterpart, Vladimir Putin, after a three-year hiatus in ties due to tensions over the Ukraine conflict.
In light of US signals that it is willing to normalize relations with Moscow, the AmCham is preparing a report for the US government outlining challenges for American businesses in Russia, as well as exploring possibilities for lifting some of the sanctions, Agee said.
One of the AmCham's main requests is to remove sanctions in the aviation sector, including the supply of spare parts and technical support, with Agee stressing that the restrictions in this field mostly affect ordinary citizens. He also called for the lifting of investment restrictions, which he said have prevented American companies from expanding their operations in Russia.
Banking sanctions remain another key concern, as they have made cross-border transactions increasingly difficult and costly, the AmCham head said. He also criticized the sanctions on imports of luxury goods, including American cosmetics, to Russia, calling them counterproductive and harmful to US companies that have lost market share.
While these represent the chamber's top priorities, Agee noted that other issues also require attention. He did not rule out the return of US businesses to Russia, adding that companies which maintained a skeleton presence in the country or retained buy-out options would have an easier time re-entering the market compared to those that completed an asset sell-out when emotions were running high.
Kirill Dmitriev, the CEO of the Russian Direct Investment Fund, earlier estimated that US companies lost more than $300 billion by leaving the Russian market. Agee suggested that this figure could be correct, depending on the metrics that were taken into account.
Agee's comments come after Reuters reported earlier this week that the White House had directed the State and Treasury departments to draft proposals for easing certain restrictions on Russia. The potential relief could reportedly apply to specific Russian entities and individuals, including some business leaders.
Kremlin spokesman Dmitry Peskov has said Moscow has yet to receive official statements from Washington regarding sanctions relief, while stressing that Russia has always viewed Western sanctions as 'illegal.'
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