Friday, 12 June 2015

Marshall Horn - U.S. Backs Down on St. Petersburg International Economic Forum

Marshall Horn,

U.S. authorities seem to have softened their stance on the participation of American business people at the St. Petersburg International Economic Forum (SPIEF) later this month, according to the Financial Times.

“The bottom line is that if you ask us, we will not approve your trip,” the Financial Times quoted an unnamed U.S. diplomat as saying. “But if you do not ask and you do attend, nothing will happen.”

According to the Financial Times, it could be a sign that Washington intends to seek dialogue with Moscow.

The St. Petersburg International Economic Forum begins on June 18. The event is a leading international economic and business forum held annually in Russia. Over the past five years the Forum has transformed into a leading global business event, attracting over 7,000 Russian and international participants, representing government and business leaders from around the world, joined by leading voices from academia, the media, and civil society. More than 4,700 participants from 73 countries attended the Forum in 2014.

According to the Financial Times, a number of U.S. companies wish to attend the event this year, including the Boston Consulting Group and Ernst & Young Corporate Services Limited. Also attending will be representatives from European firms including Royal Dutch Shell plc, BP plc, Société Générale S.A., Total S.A., Schlumberger Limited, JCDecaux Group and The Carlsberg Group.

Representatives of the two American firms that have confirmed their attendance at the event have apparently confirmed to the Financial Times that they will not be punished.

The U.S.’s decision to allow its businessmen to attend the event is somewhat surprising given previous noises out of Washington, RIA Novosti noted. Last year, on several occasions, White House officials reiterated that the government was recommending American companies do not attend the event. Moreover, it was reported that the U.S. was also trying to pressure European companies not to attend.

Relations between the U.S./E.U. and Russia have deteriorated to their lowest point since the Cold War due to their disagreements over Ukraine. Last year, the U.S. and the E.U. both imposed sanctions on Russia due to its position on the Crimea and Ukraine. Over the past year, those sanctions have been strengthened, with new individuals and entities added to the list. In response, Russia have placed an embargo on food imports from countries that have placed sanctions on it, including the U.S., E.U. member states, Australia, Canada and Norway.

Image credit: Presidential Press and Information Office via Kremlin.ru



via Marshall Horn, CFTC U.S. Backs Down on St. Petersburg International Economic Forum

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