“I think Obama sticking it to Putin is a global world media event. It’s the first time anybody’s nailed Putin in a long while and I think it changes the game.”
– Larry Kudlow
President Obama recently opted out of a meeting with Russian president Vladimir Putin on the heels of Russia granting whistle blower Eric Snowden asylum for one year. The move to cancel the meeting between the two heads of state is a sign that the US has lost patience with the politics of the Russian president and that the US is through playing nice. In spite of opting out of the meeting, Pres. Obama will still attend the G-20 summit in St. Petersburg in early September where all eyes will be on the two presidents to see if any deal(s) can be reached to reduce the tensions and restore relations.
Between 2009 to 2011, the U.S. had an unprecedented advance in economic cooperation between the two countries with exports to Russia rising 57 percent and total U.S.-Russia trade increasing to over 80 percent. U.S. companies reported numerous major business deals in Russia in 2012, including the ExxonMobil-Rosneft deal in May for exploration in the Arctic shelf, Boeing’s $15 billion in aircraft sales in Russia over the past five years, and Ex-Im Bank’s June MOU signing with Sberbank, Russia’s largest bank, to support up to $1 billion in exports to Russia.
In December 2011, culminating 18 years of hard work and dedication, Russia was invited to join the World Trade Organization (WTO), a major accomplishment that will bring the world’s largest economy outside the WTO into the organization and bind it to a set of rules governing trade, as well as a dispute-resolution mechanism to enforce those rules (1).
1. Dept, US State. “U.S. Relations With Russia.” U.S. Department of State. U.S. Department of State, 14 Dec. 2012. Web. 08 Aug. 2013. <http://www.state.gov/r/pa/ei/bgn/3183.htm>.