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German analysts warns sanctions on Russia may backfire against EU

March 07, 2014, 1:00 UTC+3 BERLIN
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BERLIN, March 07, /ITAR-TASS/. Introducing sanctions against Russia would complicate economic relations between Berlin and Moscow, endangering hundreds of jobs in Germany, said Eckhard Cordes, the chairman of the German Committee on Eastern European Economic Relations, uniting the leading associations representing German business.

Cordes recalled that the 2013 trade between the two countries amounted to 78 billion euros, showing a 4-percent increase year-on-year. About 6,000 German companies cooperate with Russian enterprises, with mutual investments reaching 20 billion euros.

“Nearly 300,000 jobs in Germany depend on economic relations with Russia,” he told Germany’s Bild newspaper on Thursday. “This is a substantial figure. That is why a peaceful settlement of tensions (in Ukraine) is extremely important.”

Ansgar Graw in the German daily Die Welt has raised a similar issue, noting that possible economic sanctions Washington threatens Russian officials with would only cause serious damage to Europeans.

“Europeans do not want to know anything about it. They would be, however, much more affected than the Americans - especially Germany, which has become increasingly dependent on Russian natural gas after abandoning nuclear power,” Graw writes.

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