America’s Deep State Wants War with Russia

America’s Deep State Wants War with Russia

America’s Deep State Wants War with Russia

On Saturday, US Republicans and Democrats reached agreement to clear any further hurdles for proposed legislation which seeks to apply additional sanctions on Russia. The measure, if signed into law, will also give Congress veto powers to block any easing of Russian sanctions by the president.

Kremlin spokesman, Dmitry Peskov said Saturday that Moscow takes an “extremely negative” view of the new developments.

President Vladimir Putin earlier cautioned that any new sanctions against Russia will only make US-Russian relations worse.

Ford, Dow Chemical, Procter & Gamble, International Paper, Caterpillar, and Cummins have reportedly warned the measure could impact their businesses as well.

The new bill, aimed at punishing Russia for alleged meddling in the US presidential election, was approved last month. The measures target already sanctioned Russian banks and energy sector, limiting the financing period for them to 14 and 30 days respectively.

The legislation also introduces individual sanctions for investing more than $5 million a year or $1 million at a time in Russian pipeline projects or providing such enterprises with services, technology or information support.

Over a dozen of US corporations want changes to the bill and lobbyists and trade associations have been visiting Capitol Hill in recent days meeting members of Congress.

“It passed with such force and such a strong vote in the Senate, it seemed to be insurmountable initially. I don’t think they thought through the unintended consequences,” said a senior congressional aide who has worked on the billб as quoted by the media outlet.

The bill, which is still to be approved by both the House of Representatives and the Trump administration has drawn a wave of criticism among European corporations as well.

Restrictions against Moscow are part of the Countering Iran’s Destabilizing Activities Act, aimed not only at Tehran, but also North Korea. Passed by the Senate last month, the measures seek to impose new economic measures on sectors of Russia’s economy.

Among the new anti-Russia proposals, the legislation aims to introduce individual sanctions for investing in Russian pipeline project. It also outlines steps to hamper construction of Russia’s Gazprom’s Nord Stream 2 gas pipeline project.

The House is set to vote on the proposed legislation Tuesday, with Brussels registering their unease even before the bill hits Donald Trump’s desk, urging Washington to consider European interests, especially in the energy sector.

Noting that “the Russia/Iran sanctions bill is driven primarily by domestic considerations,” the European Commission has asked its American partners to coordinate measures against Russia with Europe and the rest of the G7 group of leading economies.

“As we have said repeatedly, it is important that any possible new measures are coordinated between international partners to maintain unity among partners on the sanctions,” the Commission said in a statement, as quoted by Reuters.

“We are concerned the measures discussed in the US Congress could have unintended consequences, not only when it comes to Transatlantic/G7 unity, but also on EU economic and energy security interests,” it added.

Ahead of US lawmakers clearing all potential hurdles for the bill, a number of American multinationals – including ExxonMobil, General Electric and Boeing, as well as MasterCard and Visa – raised concerns that the punitive measures will ultimately harm their interests, rather than that of the Kremlin.

A wide range of American conglomerates, including oil, energy, banking, aerospace, auto and heavy manufacturing enterprises have jointly started a lobbying campaign against the new round of sanctions against Russia passed by the US Senate, CNN reports.

BP, ExxonMobil, General Electric, Boeing and Citigroup, MasterCard and Visa are reportedly among the companies raising concerns the punitive measures will ultimately harm their businesses, rather than the Kremlin.

Ford, Dow Chemical, Procter & Gamble, International Paper, Caterpillar, and Cummins have reportedly warned the measure could impact their businesses as well.

The new bill, aimed at punishing Russia for alleged meddling in the US presidential election, was approved last month. The measures target already sanctioned Russian banks and energy sector, limiting the financing period for them to 14 and 30 days respectively.

The legislation also introduces individual sanctions for investing more than $5 million a year or $1 million at a time in Russian pipeline projects or providing such enterprises with services, technology or information support.

Over a dozen of US corporations want changes to the bill and lobbyists and trade associations have been visiting Capitol Hill in recent days meeting members of Congress.

“It passed with such force and such a strong vote in the Senate, it seemed to be insurmountable initially. I don’t think they thought through the unintended consequences,” said a senior congressional aide who has worked on the billб as quoted by the media outlet.

The bill, which is still to be approved by both the House of Representatives and the Trump administration has drawn a wave of criticism among European corporations as well.

The following two tabs change content below.
S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

Latest posts by S. Jack Heffernan Ph.D (see all)

You must be logged in to post comments :  
CONNECT WITH