Italian commerce chamber demands termination of Russia sanctions

(MENAFN) The Italian-Russian Chamber of Commerce has called on the Italian government to begin discussions about lifting sanctions on Russia, arguing that the current restrictions are damaging the economic interests of both nations. Vincenzo Trani, the chamber's president, expressed concerns in an interview with the Russian business daily RBK, particularly about the sanctions on aviation, investment, and banking. Trani highlighted that Italian exports to Russia have decreased by half, falling to approximately €4 billion ($4.5 billion), while new US tariffs on EU goods have added pressure on Italian businesses.

Trani revealed that he had previously approached Italian Prime Minister Giorgia Meloni's office two weeks ago, urging consideration of these issues and offering the chamber’s readiness to assist in addressing them. He also referenced a similar initiative by Robert Agee, head of the American Chamber of Commerce in Russia, who in March presented a proposal to Washington advocating for targeted sanctions relief, especially in civil aviation, which would include lifting restrictions on servicing Western aircraft in Russia and supplying spare parts.

Trani expressed strong support for Agee's proposal, describing the aviation sanctions as particularly severe. He warned that if these measures resulted in negative outcomes, the countries that imposed them would bear responsibility.

During the interview, Trani also questioned the previous statements of former Prime Minister Mario Draghi, who suggested that Italy could replace Russian energy imports. Trani pointed out that sanctions introduced in 2022, which caused a spike in EU gas prices, were implemented under Draghi's leadership and questioned why these concerns were not addressed sooner.

Since 2022, Western countries have imposed sweeping sanctions on Russia in response to the escalation of the Ukraine conflict, including bans on oil shipments, financial measures, aviation restrictions, and the freezing of about $300 billion in Russian reserves. Although the EU has worked to reduce its dependence on Russian energy, Russia still accounts for around 19% of the bloc’s gas and LNG imports in 2024. Moscow has consistently criticized the sanctions as illegal and ineffective, with President Vladimir Putin claiming they were aimed at eliminating Russia as a competitor but ultimately strengthening its economy.

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