European chambers of commerce demand firm reaction to Russian aggression

European chambers of commerce demand firm reaction to Russian aggression

Translated by

Nicola Mira

Following Russia’s invasion of Ukraine on February 24, Eurochambres, the European association of chambers of commerce and industry, issued a press release condemning a military aggression that constitutes “a serious threat to the security and stability of Europe at large.” Eurochambres also expressed its wholehearted support for and solidarity with its colleagues at the Ukrainian chamber of commerce, with the country’s business community and all the citizens of Ukraine.

Kiev – Pixabay

The association, which was founded in 1958 and has members also in Russia, stated it advocates a firm and robust response, including the imposition of economic sanctions, against the war declared by Vladimir Putin. Eurochambres hopes that “targeted, effective measures” will be introduced, measures that will “minimise collateral damage for Europe’s economy,” at a time when it is just beginning to recover from the pandemic’s impact.

Eurochambres also underlined its conviction that “trade connects people, overcoming political and cultural barriers, generating prosperity and strengthening security. But trade rests on an international system of rules that has been dangerously undermined by Russia’s actions.”

The chambers of commerce of many European countries are currently providing advice and urgent assistance to companies that are doing business in Ukraine, and “many of them are in touch with the Ukrainian chamber of commerce, offering their support.”

Eurochambres, which represents over 20 million European companies via 1,700 national and local offices, also said it has asked a number of governmental institutions to help protect critical businesses and infrastructure against retaliatory measures, including cyber-attacks.

According to Reuters, Russia is adamant that it is currently strong enough to deal with the economic sanctions that Europe is deploying. The Russian government has stated it holds budgetary reserves worth over RUB4.5 trillion (€47.4 billion) that can be freely tapped, and enough resources to ensure its economy’s stability and to bolster major Russian corporations that may be targeted by sanctions.

Leave a Reply

Your email address will not be published. Required fields are marked *