Since 2014, European businesses have lost billions of euros due to EU sanctions against Russia, while the frozen assets of Russians and blacklisted companies exceed several hundred euros. This is reported by RIA Novosti with reference to the report of the German Ministry of Economy and Energy.
As estimated by the department in its report, for six years Germany has “frozen” the assets and funds of Russians and Russian companies that have come under EU sanctions, in the amount of about 1.8 million euros. Against this background, trade turnover between Germany and Russia has gradually decreased from 67.7 billion euros in 2014 to 48 billion euros in 2016.
A member of the Bundestag from the “Alternative for Germany” faction called the effect of the sanctions “deplorable”. He also noted that German business suffered global damage and resulted in the loss of “thousands of jobs.” According to him, the faction is in favor of lifting the sanctions, which, against the backdrop of the coronavirus pandemic, could become a “free economic recovery program” in Germany.
Earlier it was reported that, according to a study by the Munich Institute for Economic Research, EU sanctions against Russia hit the German economy. The engineering, automotive and chemical industries were hit hardest. A poll of companies revealed that the sanctions led to additional bureaucratic costs that slowed down doing business with Russia. About half of the survey participants are sure that lifting the sanctions would be beneficial for them.