(Bloomberg) -- The U.S. is unlikely to pass new sanctions on Russia until at least March or April and penalties over a nerve-agent attack may be delayed indefinitely as anti-Kremlin rhetoric loses momentum, according to an American business group.
"There is no special treatment for Russia sanctions bills,” Alexis Rodzianko, president of the American Chamber of Commerce in Russia, said in an interview. “They need to go through the normal procedures of discussion, review and consultation. This will take time and it is now less emotional than before."
Speaking in Moscow shortly after his return from meetings in New York last week, Rodzianko said preliminary findings showing no interference in the U.S. midterm elections decrease the urgency. “Doomsday” measures that would inflict major damage on Russia, such as blocking transactions of some of country’s biggest banks, are probably off the table, he added, noting that he doesn’t have any direct knowledge of discussions.
The forecast chimes with comments from Senators last week that time is running out pass the legislation before the end of the year. That news triggered a relief rally in the ruble and Russian bonds, which have slumped this year on concern about the sanctions. Proposed measures also include a ban on issuance of new sovereign debt.
A separate batch of sanctions expected to be implemented as punishment for a nerve-agent attack on a former Russian spy in the U.K. earlier this year may be pushed back even further, according to Rodzianko. He pointed to similar measures taken against North Korea over the poisoning of Kim Jong Un’s brother, which have been delayed indefinitely.
“The most unpleasant thing about the chemical weapon sanctions is the uncertainty,” Rodzianko said.
