US companies push Biden, Congress for caution on Russia sanctions

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WASHINGTON - US President Joe Biden has threatened to impose devastating sanctions on Russia if leader Vladimir Putin invades Ukraine, but some big companies and business groups are pushing the White

House and lawmakers to be cautious.

Energy companies have also reached out directly to US lawmakers to press for a cool-down or wind-down period so their assets are not seized if they are unable to fulfil business agreements in Russia, a congressional aide told Reuters. Export sanctions are typically phased in, giving companies time to wind down their existing business, or ensure delivery arrivals, said Mr William Reinsch, a former senior US Commerce Department official.

A US Treasury official declined to comment on any such measures regarding potential sanctions against Russia but added:"We are prepared to deliver severe costs to the Russian economy while minimising unwanted spillover." Exxon's argued the sanctions, which slowed work on a major discovery in the Kara Sea above the Arctic Circle, unfairly penalised US companies while allowing foreign companies to operate in the country, one of the world's largest oil producers.

 

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