ST. PETERSBURG, May 22 (RIA Novosti), Daria Chernyshova – Trust in business-to-business relations between Russia and the UK has not been affected by the sanctions imposed on Russia, Russo-British Chamber of Commerce Board Chairman Roger Munnings said Thursday.
“It really depends on to which extent trust is built in business-to-business relations between individuals,” Munnings told RIA Novosti during the St. Petersburg International Economic Forum.
Munnings commented on the consequences of the sanctions imposed against Russia for international business ties.
“If there is a very strong trust there, because people have worked together a lot across nationalities, I’m sure that trust will remain,” he said.
However, the business expert noted that if sanctions go to the next level, there will be consequences for Russia, as well as for the countries imposing the sanctions.
“There is no doubt that economic sanctions if they go to the next stage will be painful for Russia economically, as well as for those imposing the sanctions. But both sides are determined to stick to their positions, and that’s where we are finding ourselves,” Munnings told RIA Novosti.
“So let’s hope that we begin on Sunday with Ukrainian election. In terms of business-to-business relationships, if they are built over a long period of time and they are of genuine trust, trust between people is the ultimate thing,” he added.
The EU has said it has a three-stage sanctions process. The third stage, not yet reached, would be broad economic sanctions against entire sectors of the Russian economy.
Members of the European Parliament have urged limiting cooperation with Russian energy companies, including halting construction of the South Stream project, which is planned to deliver Russian natural gas to Europe via a route bypassing Ukraine. The resolution came as a voluntary recommendation.
Swedish Foreign Minister Carl Bildt earlier said whether or not EU foreign ministers consider new sanctions against Russia will depend on the situation in Ukraine, and in particular the upcoming May 25 presidential election.
Moscow has repeatedly stated that the language of sanctions is “inappropriate and counterproductive” and warned its Western partners about the “boomerang effect” that sanctions would have.
