World Economy

Russia Sanctions Hurting Germany

Russia Sanctions Hurting Germany Russia Sanctions Hurting Germany

Germany may lose up to 9 billion euros ($10 billion) in export revenue over sanctions against Russia in 2015, the head of the Eastern Committee of German Economy said Friday, Sputnik reported. “In the first four months of 2015, German exports to Russia have seriously decreased and we see a decrease at 34% [in comparison with the same time period from last year], and imports have also decreased by approximately 30%,” Eckhard Cordes said at a press conference in Berlin. Cordes said that the situation may not improve any time soon. “There are no signs that the situation may change,” Eckhard added. In 2014, following Crimea’s reunification with Russia and the escalation of the Ukrainian conflict, the European Union, the United States and their allies accused Moscow of interference in Ukraine’s internal affairs and imposed several rounds of sanctions aimed at weakening Russia’s economy. In response to western restrictive measures, last August, Moscow introduced a ban on the import of certain food products from the countries that imposed sanctions against it.