US President Joe Biden has threatened to impose devastating sanctions on Russia if leader Vladimir Putin invades Ukraine, but some major companies and business groups are pushing the White House and lawmakers to be cautious.
A trade group representing Chevron, General Electric and other major U.S. corporations that do business in Russia is asking the White House to consider allowing the companies to meet commitments and weigh exempt products as it crafts any sanctions. At the same time, major energy companies are pushing Congress to limit their scope and time frame.
The Biden administration and Congress should "get the details right if they have to follow through on the threat of sanctions," Jake Colvin, president of the National Foreign Trade Council, told Reuters on Monday.
"These details should include consideration of safe harbors or shutdown periods to enable companies to fulfill existing contracts and obligations, as well as the designation of life-saving drugs and other humanitarian considerations consistent with longstanding U.S. policy— of," said Colvin.
Energy companies have also reached out directly to US lawmakers to push for a "cooling off" or "cooling off" period so their assets are not seized if they are unable to fulfill business deals in Russia, a congressional aide said. for Reuters.
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The American Petroleum Institute, the largest US lobbying organization for oil and gas drillers, has discussed sanctions against Russia with congressional offices.
"Sanctions should be targeted as much as possible in order to limit the potential damage to the competitiveness of US companies," said an API spokesman.
