Russia's war in Ukraine is bad for US businesses, EU Commissioner says

European Executive Vice President of the European Commission for An Economy that Works for People Valdis Dombrovskis attends a press conference on a report concerning Bulgaria's criteria to adopt the Euro starting in 2026 and become the 21st country to join the single currency area, in Brussels, Belgium Jun 4, 2025. REUTERS/Yves Herman

Russia's war in Ukraine is bad for US businesses, which have heavily invested in Europe and whose profits are affected by the uncertainty that Moscow's aggression creates, European Economic Commissioner Valdis Dombrovskis said on Tuesday.

Speaking at the American Enterprise Institute in Washington, Dombrovskis said that in 2023 US-owned assets in Europe were worth an estimated $19.2 trillion, or roughly 64 percent of all US corporate foreign assets globally. Sales by the European affiliates of US companies were $3.9 trillion.

"For US corporate interests, Europe – as a market, a host of assets, and a crucial link in integrated supply chains – is simply too big to ignore," Dombrovskis said in a speech.

The European Union sees Russia's full-scale invasion of Ukraine since Feb 2022 as a threat to its security and has strongly stepped up its defence efforts to deter a potential Russian attack.

"(Russian President Vladimir) Putin's aggression, his threats, his brutal rocket and Shahed drone attacks on civilians, his hybrid attacks on critical infrastructure and so on, are not only abhorrent crimes and a moral outrage, they are also bad for business," Dombrovskis said.

"As a source of deep uncertainty, they affect the bottom line. This is a crucial consideration for US foreign policymakers to keep in mind," he said.

Dombrovskis's remarks come as the EU is trying to get the US to increase pressure on Russia through more sanctions, and match the sanctions the EU has already imposed on Moscow through 18 packages of measures since Feb 2022.

Europe's 19th sanctions package is under preparation.