BusinessEurope strongly condemns the invasion of Ukraine by Russia
European business strongly condemns the invasion of Ukraine by Russia that is currently underway. This is a clear violation of international rules, and it poses a real threat to peace and security in Europe and beyond.
Our thoughts are with the Ukrainian people in these difficult moments, and we deeply regret all human lives lost due to this invasion. Europe needs to show now its strong and effective commitment to defend international law and support Ukraine and its people, with whom the EU has strong trade and investment ties through the association agreement.
We understand the EU will now take further action through additional economic sanctions to react to Russia’s invasion of Ukraine. In order to be effective, these sanctions should be well-targeted, as clear as possible and well-coordinated with relevant partners, in particular the US, including in their implementation. Business is not happening in a vacuum and will stand behind the measures considered necessary by EU institutions. However, European businesses will be bearing the burden, including companies trading and operating in Russia. In this context, early guidance and as detailed as possible information about the economic sanctions together with supporting measures will be needed to mitigate the impact.
We also call on EU authorities and Member States to protect EU citizens and companies active in Ukraine, Russia and Belarus.
We recall that Europe’s energy market is already facing unprecedented price increases and the current crisis will accentuate the already far-reaching negative consequences for European companies and consumers. Therefore, the EU must step up its preparedness in case disruptions occur, by increasing joint efforts to secure alternative sources of supply of energy as well as of critical raw materials and components.
Going forward the EU will need to assess the overall impact of this crisis for Europe’s peace, security and economic stability, drawing all the necessary political and economic lessons.