The Issue: The U.S. Senate Foreign Relations Committee in late 2019 approved legislation that would impose new sanctions on Russia. Known as the Defending American Security from Kremlin Aggression Act, or DASKA, the measure targets Russian banks, its sovereign debt and the country’s oil and gas sector. Like many government initiatives, it was passed with the best of intentions: punishing Russia for election interference, aggression toward Ukraine and other bad behavior. But good intensions sometimes lead to unintended, even grave consequences. This is one of those times.
And, it is often small businesses that are disproportionately impacted by actions that lead to unintended consequences. In the global marketplace, small and mid-size businesses account for 97.5% of U.S. exporting firms, and millions of small firms make up the critical supply chain of larger companies whose global footprint drives innovation, jobs and … Read More