Latest news with #RobertAgee
Russia Today
16 hours ago
- Business
- Russia Today
US companies want to return to Russia
American businesses welcome the Trump administration's efforts to renew dialogue with Moscow, in hopes that they can return to the Russian market, the head of the American Chamber of Commerce in Russia (AmCham), Robert Agee, has told RT. The AmCham has supported President Donald Trump's efforts to restore relations with Russia since he assumed office in January, and has called on Washington to ease the sanctions on Russia for months. 'It's better to have good business relations between Russia and the United States,' Agee told RT on Wednesday at the St. Petersburg International Economic Forum (SPIEF 2025), adding that '70% of our businesses four years ago looked upon Russia as a strategic market.' The companies that remained in Russia after 2022, despite the sanctions imposed by the US and its allies over Russia's military operation in Ukraine and pressure from Washington, ended up benefiting in the long run, according to the AmCham chief. 'Consumer good companies, confectionary producers, pharmaceutical and medical equipment suppliers… all those companies have stayed, and they're very active and they're very successful,' he said. Those who left are 'watching and waiting,' hoping for a thaw in US-Russia relations, according to Agee. He added that 'a number of companies' could start returning to Russia following a meeting between Trump and Russian President Vladimir Putin. Putin said on the sidelines of the SPIEF that US businesses have shown interest in returning to the Russian market. Contacts between Russian and American companies are being renewed, giving cause for 'cautious optimism,' he told journalists late Wednesday. Putin added that he hopes Trump will assess US policies towards Russia not just as a politician, but as a businessman, and will take into account the costs and benefits of various approaches. Izvestia reported last month that the Russian parliament was set to pass legislation that would regulate the right of foreign companies to reclaim assets sold during their exit from the country. The bill would allow the authorities or current owners of the assets to reject buybacks under certain conditions.
Yahoo
07-03-2025
- Business
- Yahoo
US Chamber of Commerce in Russia readies proposals on sanctions relief
The American Chamber of Commerce in Russia (AmCham Russia) is preparing a report for the U.S. government recommending easing certain sanctions against Russia, pro-Kremlin outlet RBC reported on March 7, citing chamber chief Robert Agee. The proposed recommendations focus on lifting restrictions on the aviation and banking industries, investments, and luxury goods shipments. Agee argued that such measures would help American businesses regain "lost market share" and "reduce operational costs in Russia." AmCham is a business association that represents U.S. companies operating in Russia. It promotes economic engagement despite strained relations between the two countries. This development follows U.S. President Donald Trump's statement on Feb. 25 that sanctions on Russia will be lifted "at some point" but not before a peace deal is reached. His administration has renewed diplomatic contact with Moscow, engaging in direct talks on the war in Ukraine, the reopening of embassies, and economic cooperation. The primary focus of the chamber's request concerns the aviation sector, particularly the supply of spare parts and aircraft maintenance. Additionally, AmCham Russia seeks to lift the U.S. investment ban imposed in 2022, which currently allows only maintenance operations but prohibits new investments. Another key area of concern is the banking sector, with Agee saying that lifting financial restrictions would facilitate cross-border payments and "ease the cost of doing business." The chamber also advocates removing restrictions on luxury goods, including cosmetics, perfumes, clothing, and footwear priced above $300 per unit. Despite these discussions, Trump extended some existing sanctions on Russia until March 6, 2026, according to a decree published in the Federal Register on Feb. 28. Russian President Vladimir Putin instructed his Cabinet of Ministers on Feb. 21 to prepare for the return of Western companies, saying Russian firms should have "certain advantages" over those re-entering the market. Sanctions against Russia remain a key tool of international pressure, Ukraine's Deputy Prime Minister and Justice Minister Olha Stefanishyna said on Feb. 19. Stefanishyna expressed uncertainty regarding the U.S. position and its next steps but appeared confident in the EU's commitment to upholding sanctions. Read also: Germany should reduce reliance on US arms amid geopolitical shifts, Airbus Defense and Space CEO says We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Russia Today
07-03-2025
- Business
- Russia Today
US business wants easing of Russia sanctions
The American Chamber of Commerce in Russia (AmCham) has called on the US government to ease the sanctions on Russia, according to its chief, Robert Agee. He argued that restrictions in aviation, investment, and banking are harming both American and Russian businesses. In an interview with the Russian business daily RBK on Friday, Agee welcomed the dialogue between US President Donald Trump and his Russian counterpart, Vladimir Putin, after a three-year hiatus in ties due to tensions over the Ukraine conflict. In light of US signals that it is willing to normalize relations with Moscow, the AmCham is preparing a report for the US government outlining challenges for American businesses in Russia, as well as exploring possibilities for lifting some of the sanctions, Agee said. One of the AmCham's main requests is to remove sanctions in the aviation sector, including the supply of spare parts and technical support, with Agee stressing that the restrictions in this field mostly affect ordinary citizens. He also called for the lifting of investment restrictions, which he said have prevented American companies from expanding their operations in Russia. Banking sanctions remain another key concern, as they have made cross-border transactions increasingly difficult and costly, the AmCham head said. He also criticized the sanctions on imports of luxury goods, including American cosmetics, to Russia, calling them counterproductive and harmful to US companies that have lost market share. While these represent the chamber's top priorities, Agee noted that other issues also require attention. He did not rule out the return of US businesses to Russia, adding that companies which maintained a skeleton presence in the country or retained buy-out options would have an easier time re-entering the market compared to those that completed an asset sell-out when emotions were running high. Kirill Dmitriev, the CEO of the Russian Direct Investment Fund, earlier estimated that US companies lost more than $300 billion by leaving the Russian market. Agee suggested that this figure could be correct, depending on the metrics that were taken into account. Agee's comments come after Reuters reported earlier this week that the White House had directed the State and Treasury departments to draft proposals for easing certain restrictions on Russia. The potential relief could reportedly apply to specific Russian entities and individuals, including some business leaders. Kremlin spokesman Dmitry Peskov has said Moscow has yet to receive official statements from Washington regarding sanctions relief, while stressing that Russia has always viewed Western sanctions as 'illegal.'
