U.S. should consider ‘safe harbor’ from Russia sanctions for some companies – trade group

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FILE PHOTO: Russian and U.S. state flags fly near a factory in Vsevolozhsk

WASHINGTON – A trade group representing Chevron, General Electric and other big U.S. corporations that do business in Russia is asking the White House to consider giving U.S. companies time to fulfill commitments and exempting some products as it crafts any sanctions over Russian actions in Ukraine.

The Biden administration and Congress need to “get the details right in case they must follow through on the threat of sanctions,” Jake Colvin, president of The National Foreign Trade Council told Reuters.

“Those details should include consideration of safe harbors or wind-down periods to enable companies to fulfill existing contracts and obligations, as well as carve-outs for lifesaving medicines and other humanitarian considerations consistent with longstanding U.S. policy.”

(Reporting by Andrea Shalal and David Lawder, Editing by Heather Timmons)