European business takes Russian sanctions hit

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Moscow - The Association of European Businesses called on the European Union, Russia and Ukraine on Thursday to protect foreign investors from “any further retaliatory measures” on Russia over its actions in Ukraine.

In a statement, the lobby group which represents more than 600 European companies said it had written to 28 heads of states and governments to warn that “among our members are global companies with businesses in sectors which would be directly affected by these measures”.

“The introduction of such measures could lead to a serious decline in production volumes and the number of workplaces, affecting not only the manufacturers themselves, but also suppliers and retailers working in these sectors,” it said, adding that this would mean a loss in tax and duty payments. - Reuters

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