US firms urge measured process to Russia sanctions

Companies calls for ‘wind down’ period to enable them to fulfil existing contracts and obligations should US President Joe Biden press ahead with punitive measuresUS president Joe Biden has threatened to impose crippling sanctions on Russia if it invades Ukaine.

“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 life-saving medicines and other humanitarian considerations consistent with long-standing US policy,” Colvin said. Export sanctions are typically phased in, giving companies time to wind down their existing business, or ensure delivery arrivals, said William Reinsch, a former senior US Commerce Department official.

A US Treasury official declined to comment on any such measures regarding potential sanctions against Russia, but added: “We are prepared to deliver severe costs to the Russian economy while minimising unwanted spillover.”Oil companies felt the aftermath of the US sanctions on some of Russia’s more expensive drilling operations for years after Putin invaded Crimea in 2014.

The 2014 sanctions hit the easiest targets in Russia’s hi-tech exploration oil and gas projects in the Arctic, Siberian shale and deep sea.One possible “safe harbour” measure could protect companies from legal liability for sanctions violations if certain conditions were met, said Reinsch, such as showing that a shipment went to the sanctioned country without permission, perhaps from a third country.

Typical. The $ before human life.

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