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Italy’s SACE export credit agency losses €3 bln due to sanctions vs Russia

October 22, 2015, 17:45 UTC+3 VERONA

Italian exports to Russia and neighboring countries decreased by $6.5 billion

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© TASS/Sergei Bobylev

VERONA, October 22. /TASS/. The Italian export credit agency SACE has suffered losses up to €3 billion due to sanctions against Russia, head of the agency Giovanni Castallaneta said.

"We have already suffered damage for 2014-2015 for the sum of €2.5-3 billion," Castellaneta told the Eurasian Economic Forum in Verona.

Castellaneta said that only recently the agency had granted loans worth €4 billion to projects in Russia. He added that Russia’s VTB Bank and its subsidiary VTB Leasing were among the agency’s key partners.

He also said that Italian exports to Russia and neighboring countries decreased by $6.5 billion.

"This is a kind of an economic war. In the past we deployed ships, artillery batteries against our enemies and now we have other tools such as economic or financial sanctions," Castellaneta said.

He said he hopes that sooner or later this economic war would come to an end.

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