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30 Jan, 2018 18:11

European investors warn of potential damage from US Treasury ‘Kremlin List’

European investors warn of potential damage from US Treasury ‘Kremlin List’

The US Treasury’s ‘Kremlin List’ could harm the interests of European businesses, a major group of foreign investors in Russia has warned.

The list, published by the US Treasury earlier on Tuesday, features 210 people, including the entire Russian government and prominent businessmen. While the document is not a “sanctions list,” it is still a matter of “deepest concern,” the Association of European Businesses (AEB) warned.

“The members of the Association are convinced that the US Treasury’s Report increases the uncertainty in the Russian business environment and can also affect the interests of European investors, European companies doing business in, or trading with Russia,” the association said in a statement

The organization, which brings together over 500 European companies in Russia, urged all the parties to abstain from any harsh moves after the publication of the document.

“The Association reiterates its calls on the Heads of States and Governments of the EU, the USA and Russia to refrain from actions, which can undermine the prospects of future economic cooperation,” it said.

Russian Energy Minister Aleksandr Novak also warned of sanctions potentially backfiring on the whole global economy, especially its energy sector. The official found himself on the US Treasury’s list alongside fellow Russian ministers.

"All sanctions, in fact, apart from political motives, aim to create obstacles for business which means hindering free market competition. I’m sure neither the American companies, nor the world economy as a whole, will benefit from them, since our countries are the major powers in the energy field. We’d be able to do much more for the industry with our efforts combined,” Novak said.