Shuvalov: Russia’s response to U.S. Magnitsky Act would not affect businessmen

NEW YORK. Dec 5 (Interfax) – Russian First Deputy Prime Minister Igor Shuvalov said while visiting the New York Stock Exchange on Tuesday that he expected the frictions about the so-called Magnitsky Act should not affect contacts between businessmen.

“As you know, Russia is preparing measures in response to the Magnitsky list. This is a political aspect of relations between Russia and the U.S. I hope this will not mean absolutely anything for businessmen. This might affect officials, but not businessmen involved in mutual trade,”

Shuvalov said at a meeting with a group of international investors.

Shuvalov said international investors asked him about Russian economic development plans, primarily a privatization program.

Sergei Magnitsky, who was accused of tax evasion under Russian Criminal Code Article 199, died at a Moscow detention facility on November 16, 2009. A criminal case has been opened into his death.

Legislation imposing visa and economic sanctions against Russian officials suspected of being responsible for Magnitsky’s death was submitted to the U.S. Congress in April 2011. The bill recently passed by the U.S. House of Representatives was sponsored by Congressman Jim McGovern, while the Senate is examining a similar bill submitted by Senator Benjamin Cardin.

The bill envisions the endorsement of a list of Russians who would be barred from entering the U.S. even if U.S. visas were issued to them before the bill takes effect. All such visas would be annulled. In addition to visa sanctions, all bank accounts and assets belonging to the people on the list would be frozen on U.S. territory.

The Voice of America reported on November 26 that President Barack Obama was expected to sign the bill into law after the Congress passes it. The radio station said the Senate was almost sure to approve the legislation.