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U.S., EU Split On Additional Sanctions Against Moscow
Economically vulnerable Europeans rely on Russian trade
WND
WASHINGTON – There is an undertow of resistance among European companies toward further sanctions against Russia over its contemplated annexation of Ukraine’s Crimean Peninsula.
After the initial, tepid sanctions assessed by the EU and U.S., Washington’s interest in further penalties likely will put it at odds with Europe, which relies on Russia as a major trading partner.
French and German companies would be among the hardest hit by further sanctions, potentially affecting hundreds of thousands of jobs in Europe and a sizeable number of Russian workers who have jobs associated with European firms.
The U.S. goal in imposing sanctions, analysts say, is to curb Moscow’s assertiveness on its periphery and attempt to show Central and Eastern Europe and the Caucasus that they can depend on the U.S.
However, the countries in this region don’t believe that escalation over Crimea is worth increased tensions with Moscow.
The 28 countries belonging to the EU all must agree on any action, and that does not appear to be a foregone conclusion.
For example, Finland, Bulgaria, Cyprus, Greece, Italy and Spain already have warned against moving too forcefully against Russia out of concern for the economic repercussions against their already fragile economies.
While they have agreed to the initial round of sanctions against Moscow of visa and asset restrictions on 11 Russian officials, more stringent sanctions could be met with opposition.
The G-8 group of the world’s most powerful industrialized countries is considering removing Russia from its ranks.
However, concern is mounting that such a move could have a major adverse global economic impact.
The G-8 was scheduled to meet in Sochi, Russia, in June, but that now appears to be off. Apart from Russia, the remaining G-7 members are considering a British proposal to meet instead in London without Russia’s participation. That proposal is being given favorable consideration.
However, much can happen between now and then, and Putin could take action to soothe the Europeans.
Reposted with permission
