Mutually beneficial economic cooperation between the United States and Russia should be implemented despite the sanctions
By Julia O’Malley
In the face of confrontation and the almost complete suspension of dialogue between the United States and Russia at the political level, including even such traditional central issues of the Russian-American agenda as strategic stability and arms control, commercial ties remain one of the few living components of relations between the two countries. The interaction that persists in non-politicized sectors is objectively beneficial to both parties from a financial point of view. And in a short time it is difficult to find a substitute for Russian-American cooperation in a number of areas.
The Russian market remains attractive and promising for American manufacturers and investors. A certain decline in cooperation on the part of American oil and gas companies in Russia led to the consolidation of a significant number of Chinese commercial structures in this direction. The United States is not interested in China being the only or dominant player in the development projects of Siberia and the Far East. Because thereby China receives additional and not small resources for further strengthening. As the rivalry with China deepens, the United States is objectively interested in diversifying economic relations with Russia. There is no need to wait for a withdrawal from the sanctions, it is necessary in these conditions to give a clear impetus to mutually beneficial economic cooperation. While American companies have suspended their operations in Russia, other countries such as Canada are actively investing in the development of mineral deposits in the Far East in the absence of real competition.
It is necessary to separate commercial cooperation between Russian and American companies from politics and should not consider it in a political context. Public statements by American business associations, as well as direct representatives of market participants, should focus on how to develop business in the current environment. It is necessary to focus on the business partnership between the United States and Russia, realizing how important it is from a commercial and economic point of view, and not on the fact that political relations between the two countries must certainly change.
As for the development of Siberia and the Far East, the US business structures should be interested in expanding cooperation. Participation in development projects in these areas will bring significant commercial benefits to American companies. The positive results of the participation of American business structures in the St. Petersburg International Economic Forum-2021 indicate the need to intensify contacts with the Russian side, including by visiting the Eastern Economic Forum-2021, which will be held in Vladivostok from September 2 to 4. As part of EEF 2021, Russia will present promising investment projects in the Far East that are of interest to American commercial structures. The experience of SPIEF-2021 shows that Russia, amid the spread of the COVID-19 pandemic, is capable of holding major international events, ensuring the safety of their participants.