Economic sanctions President Obama ordered yesterday against some of Russian President Vladimir Putin's closest associates will have little impact on the U.S. or global economies, unless they are expanded to restrict Russia's energy exports to Europe, experts said.
"In terms of the global economy, unless gas exports from Russia to Western Europe are part of the sanctions, the impacts will be very small," said Nariman Behravesh, chief economist at IHS Global Insight.
In his latest round of sanctions over the crisis in Crimea, Obama targeted Putin's chief of staff and 19 others, as well as a major Russian bank that provides them with support.
But that alone will have little, if any, effect on the U.S. economy because Russia is not one of our major trading partners, said Doug Handler, IHS's chief U.S. economist. Russia retaliated, imposing entry bans on U.S. lawmakers and senior White House officials.
"Should there be a collapse in trade volume between the two countries, it would not have a major impact on U.S. economic growth," Handler said. "The greatest impact we'd see would be through Europe."
European Union leaders yesterday announced sanctions on 12 more people linked to Russia's annexation of Crimea. Obama said his administration has been working closely with Europe on more severe actions if Russia continues its incursions into Ukraine.
Yesterday, he signed an executive order giving the U.S. authority to impose sanctions on key sectors of the Russian economy.
"This is not our preferred outcome," Obama said. "These sanctions would not only have a significant impact on the Russian economy, but could also be disruptive to the global economy."
Earlier this month, the showdown in Ukraine caused both U.S. and European markets to fall, as the crisis stoked fears of a tit-for-tat campaign of economic sanctions between Western powers and Russia — Massachusetts' 28th largest export market last year, accounting for less than $150 million of the state's exports.
"Russia is a promising market and a trade partner, but not a terribly important one for either the U.S. or Massachusetts," said Andre Mayer, senior vice president at Associated Industries of Massachusetts. "Sanctions should not be damaging to our industries, as long as they are carried out with Western European nations."
Herald wire services contributed to this report.
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