New US sanctions expected against Russia

On June 14th, the Senate, the upper house of the US Congress, voted to approve the expansion of existing sanctions against Moscow and to limit American President Donald Trump's power to lift the restrictions he had taken to reduce sanctions on Russia.

Sanctions limit American individuals and entities from business operations to deep sea waters, open sea Arctic projects or in the part involving Russian companies.

The newspaper “Financial Times” reported on Tuesday, citing leaders and representatives of the energy industry, that restrictions could result in the decline in American companies' competitiveness, as well as a decline in the efficiency of oil and gas production not only in Russia but also in other countries.

According to news reports Monday, Leslie Beyer, president of “The American Oil Equipment and Services Association” warned Kevin McCarthy, the leader of the republican majority in the lower room and the House of Representatives, that new sanctions could harm American companies in the world markets, as well as cause a “job loss and economic contraction in American communities”.

In addition, Jack Gerard, the president of the American Oil Institute industry group, asked the Chamber on the same day to make critical changes to avoid these unwanted results”.

US firms hope the White House will review the proposed restrictions on reducing their potential economic impact, reports “Sputnik International” Transmission Periscope.

New US sanctions. A.s, which were seen as a target for the “Nor Stream 2” gas pipeline in Europe, were criticised by Germany and Austria, which described restrictions as a threat to EU energy security./Periscopi/