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Russia sanctions risk British jobs

05.08.2014 13:50

The British newspaper "The Telegraph" says, that one of the UK's most influential businessmen Anthony Bamford hit out at European Union and US sanctions against Russia, claiming that they are ill-conceived and may result in the loss of British jobs.

Lord Bamford, chairman of JCB, said it was "absurd" that his company, a major exporter to Russia and the market leader for construction equipment there, would be hurt by sanctions "coming out of Brussels". He added that the decisions being made by EU diplomats could put "British jobs at risk".

Lord Bamford's comments come days after EU governments decided to impose further economic sanctions against Russia after the downing of Malaysia Airlines flight MH17 in eastern Ukraine last month.

In the latest escalation of the worst tensions between the West and Moscow since the Cold War, the sanctions are aimed at Russia's oil industry, defence, dual-use goods and sensitive technologies. However, there are growing fears that the sanctions will have knock-on repercussions for the European companies and the region's economy.

Lord Bamford said: "Russia is a very important market for JCB and has been for more than 30 years. It appears that JCB is going to be affected by the decision to impose sanctions, but to what extent we are unable to say at the moment".