OFAC restrictions on RSPP show ineffectiveness of sanctions

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The fact that the US Office of Foreign Assets Control (OFAC) included the Russian Union of Industrialists and Entrepreneurs to the list of Specially Designated Nationals and Blocked Persons (SDN) shows that the Western sanctions mechanism is skidding. President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin said this in an interview with TASS on the sidelines of the Eastern Economic Forum.

"I reiterate it - we believe that this is a gesture in a way. I don’t even want to say that it’s a gesture of despair, but at least it shows that something in their sanctions mechanism is slipping," he said.

The President of the RSPP emphasized that the union has no assets in the United States and does not carry out transactions in dollars. Although sanctions may affect individual members of the union, there are no real risks for them yet.

According to Shokhin, the RSPP appealed to the International Labor Organization and the International Organization of Employers with a request to assist in lifting the sanctions. "Because in fact, we, like any other business association, any federation of industry, protect the interests of our members. The main point of accusation is that we actively participate as a non-profit organization in the implementation of the ideas of technological development in Russia and in import substitution. With this approach, any Russian company may end up on these sanctions lists," he said.

The 8th Eastern Economic Forum (EEF) is being held in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer. TASS is the EEF’s general information partner.