This is a developing situation and we will be doing our best to keep our membership and local business community up to date.
 
Thursday, February 24^th, 2022, President Biden announced a list of economic sanctions in response to the Russian invasion of Ukraine. In a conference call on Friday morning following the announcement, US Chamber of Commerce senior vice president for international affairs, John Murphy, noted that these sanctions are a “very big deal” and are very broad and significant.
 
“Our hearts go out to the citizens of Ukraine during this tragic turn of events,” Burlington Chamber of Commerce President and CEO, Steph Vervaart said.
 
During the Friday conference call with the U.S. Chamber, Murphy briefed Burlington Chamber of Commerce staff, member chambers, and trade associations on the potential business impacts of the invasion. Here are the key takeaways from that call:

• Russia’s economy is relatively small—similar in size to the state of Florida—but the country is a huge player in the global energy market, the auto and aerospace sector, and is a top producer of the worlds wheat and fertilizer.
• International shipping could see potential interruptions with no-fly zones over Ukraine, Belarus and a western portion of Russia putting more strain on the global supply chain.
• Foreign direct product rule prohibits a collection of US technologies, goods, and items made with them to be exported to Russia.

The U.S. Chamber of Commerce condemns the Invasion of Ukraine and is staying actively engaged on the federal level. Their goal is to share information to help member companies and chambers to understand current sanctions and comply. “The business community will continue to support the Administration, Congress, and our allies to ensure a swift and meaningful response to Russia’s aggression,” U.S. Chamber of Commerce President and CEO Suzanne P. Clark said in a statement.
 
“With already struggling inventory, and the rising of prices around the US the impact on our local economy could be detrimental,” Vervaart said. “We are working with local, regional, and state authorities regarding this and watching everything very closely. The Chamber will give everyone updates as soon as we receive them.”  
 
EDASC Economic Development and External Relations Manager, Aaron Weinburg, said that some Skagit Businesses are pulling back and canceling sales of goods to Russia. He also mentioned that we can expect to see an increase in gas prices.
 
“With the likeness of increased gas prices, we too will feel additional effects during a time of hardships,” Vervaart stated.
 
The virtual EDASC 2022 Economic Forecast Night will be covering local economic impacts from the war, among other things, with four Ph.D. Economists. The event is free and takes place on March 10, from 5-6:30 PM.