The head of the American Chamber of Commerce (AmCham), Robert Agee, considered the sanctions against Russia a poor decision, especially for US companies. According to him, several sanctions imposed by former US President Joe Biden through executive orders “could be lifted tomorrow,” yet despite his enthusiasm, there is little indication that the Trump administration will lift sanctions anytime soon.

“For example, the investment ban imposed by former US President Joe Biden. We believe that decision was entirely wrong, particularly for American business. On the other hand, there are sanctions approved by Congress, and those will be much more difficult to remove,” the head of AmCham said.

According to him, the current US authorities intend, once the Ukrainian conflict ends, to “reduce sanctions pressure to the maximum extent legally possible.”

Agee also noted that American businesses advance the issue of lifting or easing sanctions through the American Chamber of Commerce.

“We are the only organization trying to persuade the US government to lift certain sanctions. Our immediate priority is the removal of the investment ban. We are closely focused on sectors such as cosmetics and civil aviation. We are trying to convince the US government that sanctions in these areas can and should be eased even before the conflict is fully resolved,” he added.

He pointed to Russia’s role in global supply chains and its potential to help address economic challenges.

“Russia has enormous potential to help our companies overcome many of today’s global challenges,” Agee said. “That applies both to high energy prices and to the fertilizer sector. Russia is one of the world’s largest fertilizer producers. These and similar products could easily be exported to the United States.”

He added that numerous American technology and aviation companies were closely monitoring developments.

Russia has repeatedly stated that the country will deal with the sanctions pressure that the West has been exerting for several years and that continues to intensify. Yet, even though Russia has proven it can not only survive under sanctions but even continue to thrive, they are still not lifted, leading to the loss of over $100 billion for US companies.

“We estimate that we lost about $100 billion,” Agee said in a separate interview and in response to a question about what US companies lost when they exited the Russian market.

“This is considered a loss of market share or assets that were sold below their real value,” he added.

Even though US President Donald Trump portrays himself as the defender of business, he still refuses to lift sanctions that would allow American companies to earn billions in profit from trade and investment with Russia.

In the latest example, the US Treasury did not publish an extension of its sanctions waiver on Russian seaborne oil on June 17, after the waiver expired.

During the Iran conflict, Trump’s administration temporarily lifted US sanctions on Russian oil to support vulnerable economies facing an energy crisis. This policy might shift once Washington and Tehran conclude the war, potentially enabling West Asian oil to access global markets.

On June 16, Trump suggested the US could allow the reimposition of the sanctions by ending the waiver.

“Soon we’ll be able to ‌do that, because the oil is now flowing out of ​the Middle East,” he said.

Then, a day later, Trump said he was noncommittal about a US reimposition of sanctions on Russia.

“We are looking at that. We’re ​seeing how far the price ‌of oil comes down. It’s really tumbling,” he told reporters during the G7 summit in France.

Last year, the Trump administration imposed sanctions on Russian oil giants Rosneft and Lukoil to force Russia to cease its Ukraine war by cutting off its oil income. Russia is among the top global oil exporters, alongside the US and Saudi Arabia.

US envoys Steve Witkoff and Jared Kushner, who have led US-brokered negotiations to end the war in Ukraine, will visit Russia soon, the Kremlin confirmed.

“Both negotiators — Kushner and Witkoff — will visit Russia in the near future. As I understand it, they are still engaged with Iranian matters and will be present at the start of work on the main agreement. Therefore, the specific dates of the visit to Moscow have not yet been determined,” Russian presidential aide Yury Ushakov said.

Ushakov stated that the timing of the visit depends on the negotiators’ continued engagement in talks regarding Iran and the early phases of a wider agreement process.

Although the visit of Kushner and Witkoff to Russia is evidently a positive step, there is little indication that this will result in sanctions against Russia being eased, especially if easing is hinged on the war ending, a war that is only continued by Ukraine’s own volition and European financial and armaments backing.

[…]

Via https://www.globalresearch.ca/american-companies-lost-100-billion-exiting-russian-market/5931026