European business is extremely concerned by the imminent extension of the US sanctions to Russia and the potential impact on the EU’s energy supply. 

Markus J. Beyrer, Director General of BusinessEurope said: “The EU heavily relies on external energy suppliers despite strong efforts to diversify and generate alternative sources. Russia is a key supplier of the EU. The potential and far-reaching extension of US sanctions to Russia concentrated in the energy sector will have a strong impact on the EU’s energy supply. Ultimately business and consumers in the EU will pay the price.”

The EU is a long-term strategic ally of the US and we share a common approach on international sanctions. Markus J. Beyrer added: “The EU and the US have always coordinated their actions on international sanctions. Therefore, we ask the EU to convey a strong message to the US on the need to maintain this coordinated approach and avoid unilateral actions that would mainly hit the EU, its citizens and its companies”.

Source: BusinessEurope

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