Washington's latest round of sanctions targeting Russian business will cost the German economy billions of euros, according to estimates revealed by the Russian-German Foreign Trade Chamber (AHK).
“The recent sanctions of the US against Russia may cost the German economy billions of euros in years to come,” the report said. “The German economy is facing losses of more than €100 million ($123 million) in the short term. The growing administrative costs due to additional inspections are an additional obstacle for German business.”
According to the body’s analysts, German companies working in Russia have close partnership relations with companies and individuals included in the latest US sanction list.
They say that Russian automotive conglomerate GAZ Group, metallurgic and energy group Renova, global aluminum major RUSAL, as well as Gazprom CEO Aleksey Miller, are key figures in German business deals in Russia...