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Anti-Russian sanctions

Germany’s export to Russia cuts by third in January-May

Business contacts established over decades are destructing, economic sanctions became the major factor in this process, the chairman of the Eastern Committee of German Economy says

Eastern Committee of German Economy Chairman Eckhard Cordes EPA/Marius Becker

Eastern Committee of German Economy Chairman Eckhard Cordes

© EPA/Marius Becker

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BERLIN, July 23. /TASS/. Germany’s export to Russia dropped by 34% in January-May 2015 as compared to the same period of the preceding year, the Eastern Committee of German Economy said in a statement made public on Thursday.

"Business contacts established over decades are destructing. Economic sanctions [imposed against Russia] became the major factor in this process," Committee Chairman Eckhard Cordes said. With this in mind, representatives of the German business "speak in favor of the soonest high-level meeting, which is expected to continue the Minsk negotiations on the settlement in Ukraine," he added.

According to the committee, Germany’s annual export to Russia is forecasted to drop by ten billion euros to €20 billion. In 2014, Germany export to Russia was estimated at about €30 billion. Germany’s export decreased to Russia neighbor-states too — to Ukraine (29% decline), Belarus (31% drop) and Kazakhstan (26% decrease).

"With taking into account such dramatic developments, it should be clear why German business community asks the politicians continue their efforts for the settlement of Ukraine crisis," Cordes said, adding, "It is necessary to do the utmost to resolve the deadlock as soon as possible."

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