WICHITA, Kansas – – President Obama announced he is expanding the economic sanctions against Russia, targeting nearly 20 Russian officials and a Russian bank that supports them.
Bombardier Learjet’s plan to complete a $3.4 billion sale and production of its Q400 aircraft to Russian has been put on hold, as countries like Canada and the United States have brought sanctions against Russia.
It’s a move that Karyn Page, the President and CEO of Kansas Global Trade Services says could impact business here in Kansas.
“There are Kansas businesses that could be negatively impacted today and if it continues to escalate,” said Page.
Exporting goods to Russia is big business for Kansas.
Russia ranks 16th out of about a hundred countries that Kansas exports to.
Kansas dealings with Russia bring in a lot of money, according to statistics released by Trade Stats Express after 2012.
“Kansas companies exported $117.2 million to the Russian Federation,” said Page.
Something that could be wiped away if more sanctions are handed down.
However, there is a flip side to the unrest in Russia that could make up the deficit.
Agriculture expert John Jenkinson says if more sanctions are put in place by the United States and other countries follow suit, it could benefit one of Kansas most profitable businesses.
“It could make most of the customers around the world turn to the United States for their wheat, which in turn would be good for the Kansas Wheat farmers,” said Jenkinson.
Something that would help pick up the slack, if other businesses begin to suffer as the political unrest in Russia continues.
Business advisors, like Page say they would tell companies who are looking to do business in Russia to stay away.
This is due to the instability and political strife the country is dealing with.