American companies have begun to prepare for the introduction of new US restrictions against Russia, but the damage to entrepreneurs may still be significant. This was reported on January 31 by the publication The Wall Street Journal.
Partner at the law firm Gibson, Dunn. & Crutcher LLP Adam Smith told the publication that companies whose activities are related to the transport, banking and oil and gas sectors are expressing concern about possible restrictions that the White House could impose against the Kremlin.
“It’s difficult to protect your operations in Russia from sanctions, especially when you don’t know what the US government will do next,” the lawyer said.
In his opinion, Washington can use “serious” tools to introduce new restrictions.
Sanctioned companies will be offered a grace period by Washington to wind down operations, Smith suggested. According to him, businessmen will have to stop their activities in the US after a certain period of time.
Sanctions advisory law firm Winston & Strawn told reporters that companies on the sanctions list will have to obtain a license to operate in the country from the US Treasury Department’s Office of Foreign Assets Control.
Winston & Strawn recommended that entrepreneurs who fear the imposition of sanctions immediately contact the US Treasury Department to get clarification on how the company’s activities will be limited.
A day earlier, the chairman of the US Senate Foreign Affairs Committee, Robert Menendez, announced the imminent completion of work on a bill on sanctions against Russia, which will be introduced in the event of an allegedly impending invasion of Ukraine. The politician noted that we are talking about sanctions against the largest Russian banks, which will cause serious damage to the Russian economy. In addition, the sanctions will affect the Russian energy sector and the sovereign debt of the state.
On January 25, US President Joe Biden said that he did not rule out the imposition of personal sanctions against the Russian president in the event of Russia’s “invasion” of Ukraine.
Russian presidential spokesman Dmitry Peskov drew attention to the fact that US calls for sanctions against the Russian leader are politically destructive, but not painful.
Western politicians and media representatives are spreading numerous speculations about possible Russian aggression against Ukraine. The Russian side has repeatedly denied such statements.
Russian Permanent Representative to the UN Vasily Nebenzya said on January 31 that the West does not provide any evidence to support its words that the Russian Federation is allegedly preparing to invade Ukraine. The diplomat pointed out that not a single threat was made by Moscow against Kiev.
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