Stock Groups

U.S. should consider ‘safe harbor’ from Russia sanctions for some companies

by Mike Robinson

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© Reuters. FILEPHOTO: The U.S. and Russian flags were seen flying near the Vsevolozhsk factory, Leningrad Region. Russia. March 27, 2019. REUTERS/Anton Vaganov/File photo

WASHINGTON (Reuters) – A trade group representing Chevron (NYSE:), General Electric (NYSE:) along with other large U.S. businesses that do business in Russia are asking the White House for time to meet their commitments, and to exempt some products from any U.S. sanctions.

The Congress and the Biden administration need to get the details correct in order for them to follow through with the threat of sanction,” Jake Colvin (president of The National Foreign Trade Council) told Reuters.

“Those details should consider safe harbors, wind-down period to allow companies to fulfill their existing contracts or obligations. Also carve outs for lifesaving drugs and other humanitarian considerations consistent U.S. tradition.” policy.”

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