New Trade Regulations of U.S. Make Russia Furious

VIVAnews - U.S. Senate on Thursday approved a bill that suppress human rights offenders Russia to do business in the country. This regulation is the requirement for normalization of relations senate U.S. trade with Russia, which had entered the World Trade Organization (WTO).

With a bill that called Magnitsky Law, the U.S. could be denied visas and freeze the assets of those involved in human rights violations and deaths Sergei Magnitsky, an anti-corruption lawyer who died in prison in 2009 Russia. For other human rights violators in Russia will also be affected by this rule.

The plan, President Barack Obama will soon sign and endorse it into law.

"My administration will continue to work with Congress and partners to support the future of democracy in Russia and promote the rule of law and human rights around the world," Obama said, quoted by Reuters on Friday, December 7, 2012.

Magnitsky Law enacted to replace Jackson-Vanik amendment that applied the U.S. since 1974. Jackson-Vanik Amendment is a restriction of trade relations with the countries of the former Soviet Union and providing cheap rates for Jews and other minorities in the Soviet to move to the U.S.. This amendment is also a symbol of the Cold War between the two countries ended in 1991.

Russia has entered the WTO in August. Jackson-Vanik amendment with a ganjalannya, the U.S. is the only WTO member countries can not enjoy new Russian trading system under the WTO, which is a free market and a reduction in rates for members.

With the Cold War legacy regulations, U.S. companies like Caterpillar, Ford, JP Morgan Chase, and others will be left with a competitor from another country.

Through the urging of the business, the Senate finally eliminate Jackson-Vanik Amendment, the terms replaced by Magnitsky Law. But the decision has angered the U.S. government Vladimir Putin said that the U.S. still holds the Cold War policies.

"Washington has forgotten what year and thought the Cold War was still in progress. U.S. decision will give adverse effects of the prospect of bilateral relations," the Russian Foreign Ministry said in a statement.

Russia is the largest trading partner of the United States to-20, with a total trade value reached U.S. $ 43 billion. U.S. exports to Russia totaled U.S. $ 8.3 billion last year. With WTO policy towards Russia, the United States expects the value of trade between the two countries could be increased two-to threefold in the next five years. (Art)