US President Joe Biden holds a meeting with his national security team on the Russia-Ukraine crisis, at Camp David, in Maryland, January 22, 2022. (Photo by White House)
Amid rapidly escalating tensions between Washington and Moscow, and US President Joe Bidens bellicose threat to impose devastating sanctions on Russia, many large American business companies have started to fret and fume.
The trade group that represents Chevron, General Electric and other major US corporations have urged the White House not to proceed with the action that can potentially disrupt their businesses.
They have called on the Biden administration to limit the scope and time frame of sanctions being contemplated, and also consider exemptions on certain products.
The Democratic president on Tuesday said he will consider personal sanctions against Vladimir Putin if Russia moves ahead to invade Ukraine.
The rare threat to impose sanctions on the Russian leader came as NATO ordered its forces to remain on standby while reinforcing eastern Europe with more ships and fighter jets.
Last week, Biden had warned that Moscow would face sanctions unlike any ever seen before if it "invaded" Ukraine - despite repeated assertions by Kremlin that it has no such plans.
Jake Colvin, president of The National Foreign Trade Council, was cited by Reuters on Tuesday as saying that the Biden administration and Congress need to "get the details right in case they must follow through on the threat of sanctions".
"Those details should include consideration of safe harbours or wind-down periods to enable companies to fulfil existing contracts and obligations, as well as carve-outs for lifesaving medicines and other humanitarian considerations consistent with longstanding US policy," Colvin asserted.
Major American energy firms with extensive business operations in Russia have emphasized the need for a "cool down" or "wind down" period, warning lawmakers of the fallout to business deals if their assets were to be seized as a result of the sanctions, the report said.
The American Petroleum Institute (API) has also reportedly raised the issue with congressional offices.
"Sanctions should be as targeted as possible in order to limit potential harm to the competitiveness of U.S. companies," Reuters quoted an API spokesperson as saying.
If sanctions are applied suddenly, a "wind down" period becomes more challenging, William Reinsch, a former senior US Commerce Department official, was quoted as saying by Sputnik.
According to Reinsch, a possible "safe harbour" measure could be protecting companies from legal liability for sanctions violations if certain conditions were met.
Any military action against Russia or sanctions against its leaders, many believe, can precipitate a major energy crisis in Europe, which is heavily dependent on Russias energy supplies.
US officials on Tuesday said they have been negotiating with global suppliers to prevent the crisis.
"To ensure Europe is able to make it through the winter and spring we expect to be prepared to ensure alternative supplies covering a significant majority of the potential shortfall," a senior US official was quoted as saying by the Guardian.
Not all European states, however, are ready to jump the bandwagon, fearing damages.
Boris Johnson earlier this week referred to Germanys reluctance on imposing sanctions against Russia because of the countrys overwhelming dependence on Russian gas.
The British prime minister said that "European friends" had concerns about imposing the harsh sanctions on Moscow because of their "heavy dependence" on Russian gas - while declaring that the UK would be deploying more troops to eastern Europe if Ukraine was attacked.
Russia has accused the US of "cultivating Russiophobia" among countries, saying Ukraine has been "flooded" with weapons from Washington and NATO as well as "countless" advisers from the West.
The Russian envoy to United Nations made the remarks on Wednesday, after the US and NATO said they were putting their forces on standby and reinforcing the deployment of weaponry in eastern Europe in response to a Russian military build-up at Ukraines border.
"Talking about the accumulation of Russian troops is almost the root cause of all problems. (The US) is cultivating Russophobia among its citizens and like-minded states. The US also forgets to clarify the talk is about Russian forces on Russian territory," the statement said.
Tensions have been rising on the Russian-Ukrainian border, with the US, Ukraine, and several other Western countries accusing Russia of planning "an invasion" of Ukraine amid a military buildup near the Ukrainian border.
Russia maintains that it is performing military drills in the region and has no plans to invade Ukraine, lashing out at the US and its allies over the unsubstantiated ‘invasion claims.
LINK: https://www.ansarpress.com/english/26441
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