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Anti-Russian Sanctions Are a Blow for US economy – American Political Scientist

21.07.2017 16:57

The senior economic policy advisor of the American Council for Capital Formation (ACCF) Dr. Margo Thorning believes that the new US sanctions against Russia is a blow for the US economy.

According to her assessment, U.S. companies would be banned not just from drilling in Russia, but from participating in any energy venture that involves Russian firms – no matter where that venture is located.

However, in the domain of deepwater drilling, companies from different countries – including, in some cases, Russia – routinely collaborate to develop a given oil or gas field. The proposed reform would close off an untold number of potential deepwater projects to American companies, while leaving Russian firms free to participate.

Thus, the expert argues that these sanctions are not against Russia; it's a sanction against the United States. And it would put countless jobs at risk, both in the oil and gas industry and among the complex network of contractors, service-providers, and other businesses that work closely with energy firms.