Protecting the EU economy against extraterritorial sanctions
The EU should strengthen its foreign economic diplomacy in the area of sanctions
Today, BusinessEurope published recommendations to strengthen the EU foreign economic diplomacy in the area of sanctions. The position paper discusses a series of targeted, workable measures to help EU companies impacted by foreign sanctions regimes. Specifically, the EU Blocking Statute Regulation, the Instrument in Support of Trade Exchanges (INSTEX), as well as efforts to reinforce the international role of the euro in international payments.
BusinessEurope Director General Markus J. Beyrer said: "Sanctions should remain a foreign policy tool to be used in exceptional cases. Unfortunately, sanctions are increasingly being used to pursue economic objectives. With this position paper BusinessEurope aims to launch a discussion on the tools the EU can use to effectively protect its interests and those of its companies in cases where sanctions by third countries undermine our economic interests."
Beyrer continued: "However, the EU becoming more assertive in this area does not mean undermining multilateral solutions. Dialogue and cooperation, especially with long-standing trading partners such as the USA, remain the preferred path. We hope that sanctions policies will be better coordinated in the future also to increase their political strength."