Russian Sanctions Take Bite In Europe
PARIS (AP) — Sanctions against Russia are taking a toll in Europe as well, figures showed Wednesday, as a top U.S. official negotiated potential new economic punishment for the Kremlin’s incursion into Ukraine.
Treasury Undersecretary David Cohen, in Paris as part of the Obama administration’s push to bolster European support for broader sanctions, acknowledged the measures also are inflicting pain on companies in the United States and especially Europe, whose banks and energy firms have deep Russian interests.
“This is not cost-free for anybody, including the United States. We don’t deny the reality that there’s more exposure overall in Europe,” Cohen told reporters.
But, he said, the stakes were high after Russia’s takeover of the Crimean Peninsula and the weeks of unrest in eastern Ukraine that have followed. Cohen would not specify what could trigger new sanctions, but said a recent executive order would allow the U.S. to target Russian companies in specific economic sectors.
He also said the U.S. and Europe were committed to ensuring that Ukraine’s May 25 presidential elections take place without interference.
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