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U.S. sanctions needed to overcome crisis in Ukraine - German Foreign Ministry

U.S. sanctions needed to overcome crisis in Ukraine - German Foreign Ministry

Germany's economy minister, Brigitte Zypries, on Monday decried the US' latest round of sanctions against Russian Federation, insisting that they violate worldwide law by indirectly punishing European firms. The anonymous source, according to Zvezda, claims the EU will limit American companies' access to European banks in response to sanctions against Russian Federation.

Just what shape the European retaliation could take has yet to be determined, although last week Politico reported that options on the table include triggering the 'Blocking Statute, ' an EU regulation that limits the enforcement of extraterritorial USA laws in Europe.

Germany is urging the United States to discuss with Europeans the potential implications of the proposed USA sanctions on Russian Federation.

Germany had, she said, repeatedly asked Washington not to move away from common anti-Russia sanctions policy. This measure directly concerns European companies that cooperate with the Russia's Nord Stream-2 pipeline project.

"Unfortunately, that is exactly what they are doing. That means that it is right that the European Commission now considers countermeasures", she said. "We will protect ourselves from the industrial policy under the motto "America Above All" pursued under the pretext of sanctions", he stressed.

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Major German, French, Dutch and Austrian firms are helping to finance the scheme, but countries across eastern Europe and Scandinavia say it contradicts the long-held European Union ambition to reduce dependence on Russian fuel and to prevent Moscow using energy supplies for political leverage. If the U.S. does not take European concerns into account sufficiently, the EU would act appropriately.

"One is left with the sense that the United States is looking to its own economic interests", Volker Triere, the head of the Germany Chamber of Industry and Commerce, said last week.

"It remains the case that we will not accept an extraterritorial application of these U.S. sanctions against European companies", Foreign Minister Sigmar Gabriel told Der Spiegel on Friday.

Late on July 31, the White House said it was mulling a response to Russia's massive expulsion of diplomats.

Commenting on Germany's readiness to discuss the new anti-Russian sanctions with US President Donald Trump, a Russian political analyst told Sputnik that such talks could become a new stage in the situation with the sanctions.


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