On October 12, 2021, AEB CEO Tadzio Schilling delivered a speech on the USRBC 2021 Annual Meeting at the panel “What a Revitalized Transatlantic Relationship Means for Russia’s Economy.”

The Biden Administration has sought to strengthen U.S.-EU ties in a variety of facets, including a closer alignment on policy toward Russia. The participants of the session discussed how strong this revitalized partnership was and what would the recent fraying of relations porten for Russia’s economy and business in the region.  

Russian Prime Minister Mikhail Mishustin welcomed participants of the meeting of the American-Russian Business Council in the form of a video address. He noted that despite the unfavorable conjuncture, bilateral trade, which declined last year due to the coronavirus pandemic, is showing a steady upward trend.

From January to July 2021, the volume of mutual trade increased by 47% compared to the same period last year to $19.8 billion, the Prime Minister said.

He also expressed his belief that our countries have many promising areas for cooperation. For example, in the Arctic, Russian and American companies could take part in joint projects to preserve unique ecosystems and develop the region in a balanced way.

The panel “What a Revitalized Transatlantic Relationship Means for Russia’s Economy” was moderated by Elina Ribakova, Deputy Chief Economist, Institute of International Finance.

Speaking about strengthening of transatlantic ties, Tadzio Schilling pointed out, that it did not automatically lead to more tensions with Russia, but could open new window of opportunity.

Among the possible arears of future potential cooperation Tadzio Schilling enumirated the following:

• strengthening multilateral trade agenda and system incl WTO

• joining forces to fight climate change and deliver on green transformation

• overcoming global public health challenges

• avoiding digital divide and polarization.