World Economy

Putin: US Firms Will Suffer From Russia Bans

Putin: US Firms  Will Suffer From Russia BansPutin: US Firms  Will Suffer From Russia Bans

The US measures of economic pressure on Russia, like, for example, banning Exxon Mobil work in the Arctic are harmful for the US economy, Russia’s President Vladimir Putin told reporters after the APEC summit in Vietnam on Saturday. However, he holds out hope for “balanced” bilateral relations.

“By banning ExxonMobil from working in our Arctic, the US has only deprived it from an interesting, promising project, that could have boosted the US economy and created more jobs in the US, bringing in revenues and taxes,” the president said. Adding that the oil giant is just one case among others, Putin warned: “Your [US companies’] place will be taken over by rivals. It is inevitable in the modern world,” RT reported.

Saying that “everyone wants to work in Russia,” Putin noted that the majority of businesses that attended the St. Petersburg International Economic Forum in June were from the United States.

Although relations are still “in a state of crisis”, Moscow is ready “to turn the page and move on, look into the future and solve problems, important both to the people of the US and Russia.” Putin expressed hope for cooperation within the “sphere of security, and of economic interaction, which has dropped to virtually zero.”

In 2011, former Exxon CEO Rex Tillerson clinched a deal with Russian state-owned oil company Rosneft, paving the way for exploration in the Russian Arctic, the Black Sea and Siberia. However, US sanctions imposed on Russia over the Ukraine crisis forced Exxon to suspend its cooperation, costing the company up to $1 billion in losses.

The US has also imposed a series of sanctions against Russia as punishment over Moscow’s alleged meddling in the 2016 presidential election.

Putin said accusations that Moscow meddled in US elections, particularly through contacts with US President Donald Trump's campaign team, are "fantasies" and attempts to undermine the US presidency.

"Everything about the so-called Russian dossier in the US is a manifestation of continuing domestic political struggle," Putin said.

The US intelligence community believes Putin personally ordered a cyber campaign to help Trump win the 2016 presidential race and defeat his main rival Hillary Clinton.

Trump has repeatedly rejected such reports and has expressed support for improving relations with Moscow.


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