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Jackson- Vanik Amendment Magnitsky Act US-Russia Trade

Jackson- Vanik Amendment Magnitsky Act US-Russia Trade. Aliya Stafeyeva April 23, 2014. Jackson- Vanik Amendment. Section 402 of the Trade Act of 1974 Required compliance with free-emigration criteria from “nonmarket economies”

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Jackson- Vanik Amendment Magnitsky Act US-Russia Trade

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  1. Jackson-Vanik AmendmentMagnitsky ActUS-Russia Trade Aliya Stafeyeva April 23, 2014

  2. Jackson-Vanik Amendment • Section 402 of the Trade Act of 1974 • Required compliance with free-emigration criteria from “nonmarket economies” • Conditioned Most-Favored-Nation Status, access to US financial facilities, and ability to conclude trade agreements with US • Intrusion into domestic policy? • Cuba and North Korea were consistently targeted under the amendment. • Repealed in 2012: replaced by Magnitsky Act

  3. Magnitsky Act • Sergei Magnitsky, Bill Browder and Hermitage Capital Management • Russia and Moldova Jackson-Vanik Repeal and Sergei Magnitsky Rule of Law Accountability Act of 2012 • The bill is intended to punish Russian officials responsible for the death of Sergei Magnitsky. • Imposed visa and financial sanctions on 18 individuals in 2013 • Russian Reaction: list of American individuals sanctioned and adoption ban • “Magnitsky Factor”- undermining sustainability of corrupt regimes by limiting their external resources.

  4. US-Russia Trade • Bilateral trade is low • For Russia- export to US account for only 4.6% and imports to US are 3.07% • For US- export to Russia are 0.68% of the total and imports are 0.95% • Direct financial linkages are also small: Russian hold $139 billion in US Treasury securities and virtually no US corporate bonds and equities.

  5. US Exports to Russia

  6. US Imports from Russia

  7. Summary • Post- Crimea, President Obama issued 3 executive orders authorizing sanctions on individuals and an institution (Bank Rossiya) • Magnitsky and Jackson-Vanik are precedents for imposing economic consequences for another country’s humanitarian violations • Insignificant trade relationship between US-Russia allow for the two to antagonize each other without much of an economic cost. Europe is more cautious in reacting. • Consequences exist: lack of cooperation on defense and anti-terrorism measures.

  8. Proposal • Analyze the effectiveness and appropriateness of humanitarian driven economic sanctions. • Would boots on the ground been more effective? • Any analysis of future sanction’s outcomes should incorporate the costs of diverging on common security measures. • Creating consistency in linking interests and values in the foreign policy models

  9. Links • Magnitsky Act • Jackson-Venik Amendment • US-Russia Trade • US-Russia Relations

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