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Putin: US firms will suffer from Russia bans

The US measures of economic pressure on Russia are harmful for the US economy.

Putin: US firms will suffer from Russia bans

The US measures of economic pressure on Russia, like, for example, banning Exxon Mobil work in the Arctic are harmful for the US economy, Russia’s President Vladimir Putin told reporters after the APEC summit in Vietnam on November 11, 2017. However, he holds out hope for «balanced» bilateral relations.

«By banning Exxon Mobil from working in our Arctic, the US has only deprived it from an interesting, promising project, that could have boosted the US economy and created more jobs in the US, bringing in revenues and taxes,» Putin said.

Adding that the oil giant is just one case among others, Putin warned: «Your (US companies) place will be taken over by rivals. It is inevitable in the modern world,» RT reported.

Saying that «everyone wants to work in Russia,» Vladimir Putin noted that the majority of businesses that attended the St. Petersburg International Economic Forum in June were from the United States.

Although relations are still «in a state of crisis», Moscow is ready «to turn the page and move on, look into the future and solve problems, important both to the people of the US and Russia.»

In 2011, former Exxon CEO Rex Tillerson clinched a deal with Rosneft, paving the way for exploration in the Russian Arctic, the Black Sea and Siberia.

However, US sanctions imposed on Russia over the Ukraine crisis forced Exxon to suspend its cooperation, costing the company up to $1 billion in losses.

The US has also imposed a series of sanctions against Russia as punishment over Moscow’s alleged meddling in the 2016 presidential election.

Putin said accusations that Moscow meddled in US elections, particularly through contacts with US President Donald Trump's campaign team, are «fantasies» and attempts to undermine the US presidency.

Source : Neftegaz.RU

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