AEB: Bill on liability for sanctions compliance may hit business

MOSCOW, May 16 (PRIME) – The bill on criminal liability for fulfillment of the U.S. sanctions may put at risk representatives of foreign and Russian businesses and reduce investment attractiveness of the Russian market, the Association of European Businesses (AEB) said on Wednesday.

“We are afraid that the European businesses may be caught between the conflicting requirements of the U.S. and Russian authorities in relation to sanctions, which will entail a decrease in the investment attractiveness of the Russian market and the deterioration of the whole business climate in the country,” the AEB said.

On Tuesday, the State Duma, the Russian parliament’s lower house, approved the bill in the first reading. The bill encompasses imprisonment for up to four years and fines of up to 600,000 rubles.

“The Association calls for a more balanced approach to the draft law in order to minimize the harmful consequences for cooperation between Russian and European companies.”

(61.9164 rubles – U.S. $1)

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