The 2022 investment ban is the biggest hurdle hampering economic ties, according to the American Chamber of Commerce

The biggest obstacle for American businesses in Russia is the investment ban imposed by former US President Joe Biden, the head of a major business lobby in Moscow has said.

Robert Agee, the president of the American Chamber of Commerce in Russia, told RBK on Monday that lifting the ban is a key condition for the return of US companies. Introduced under a 2022 executive order after the escalation of the Ukraine conflict, it prohibits Americans from investing in Russia.

"The first, maybe the most necessary thing to cancel, is the investment ban. It greatly hinders not only companies that would like to return, but also those that remained," Agee said.

Banking restrictions are another major hurdle, he added, as they prevent companies from using certain banks to transfer money.

Broader Western sanctions on Russia's financial sector cut several major lenders off from the SWIFT payment system, severely limiting cross-border transactions and pushing Moscow to develop alternatives with trading partners.

American businesses still view Russia as a promising market, Agee stressed, adding that after a nearly four-year gap in dialogue, there is now a chance to resume work.

In August, US President Donald Trump held talks with Russian President Vladimir Putin in Alaska. Trump described the summit as "very good," while Putin spoke of a "light at the end of the tunnel," calling it the beginning of a full restoration of relations.

US Vice President J.D. Vance said the following month that Trump sees no justification for economically isolating Russia, provided that the Ukraine conflict ends, and is open to "productive economic relations."

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Moscow has called the Western sanctions illegal and counterproductive, insisting they have failed to weaken the economy or force policy changes. Russian officials argue that the sanctions have instead accelerated the country's pivot to Asia and strengthened domestic industries.

(RT.com)