Copyright © 2024 Euromaidanpress.com

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

US-Russia trade flourishes despite sanctions

Photo: DPA
US-Russia trade flourishes despite sanctions
Translated by: A.K.

The sanctions against Russia are causing significant problems for European companies – by contrast, their American competitors are continuing to do good business. According to Russian statistics, trade between the United States and Russia grew in the prior year by around 6%. By contrast, trade with countries in the European Union (EU) contracted by almost 10%. In the first two months of 2015, trade between the EU and Russia collapsed by a third. Der SPIEGEL (German news magazine – Ed.) reported this in its most recent edition.

“The Americans first exerted a great amount of pressure on Europe to enact tough sanctions,” said Frank Schiff, managing director of the Association of European Business in Moscow. “The fact that they themselves have expanded trade with Russia in the previous year is remarkable.”

At the beginning of the week, the Texas-based company Bell signed a licensing agreement with a Russian helicopter manufacturer, despite the fact that the company belongs to the empire of state-owned Rostec (Russian defense conglomerate – Ed.), which is run by Putin confidante Sergei Chemezov. Both Rostec and Chemezov are on the American sanctions list.

Boeing is also undeterred by the sanctions: The aircraft manufacturer continues to operate a development center in the Russian capital with 1,200 employees.

At the same time, Siemens was left out of a billion-dollar contract for modern train units and the construction of a high-speed rail line from Moscow to the booming provincial capital of Kazan. “Before the Ukraine conflict, the Germans would have gotten the nod,” explained an industry insider. Now a Chinese state-owned company has reaped the benefits.

Translated by: A.K.
You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here


    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts