U.S. Business Warns on ‘Scorched Earth’ Russia Sanctions

Proposals now under consideration in Congress to expand U.S. sanctions on Russia’s big state banks could cause major turmoil for global energy supplies, an American business group warns.

“It will be a huge disruption to the global energy trading system — like Rusal, but multiple times worse,” if new limits hit all the major Russian state lenders at once, Alexis Rodzianko, president of the American Chamber of Commerce in Russia, said in an interview in Moscow. The April decision to sanction aluminum giant United Co. Rusal continues to roil global markets for the metal. (Read more…)