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Anti-Russian sanctions to badly hit German economy — expert

April 28, 2014, 13:59 UTC+3 BERLIN
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BERLIN, April 28. /ITAR-TASS/. German federal lands Saxony-Anhalt, Brandenburg, Baden-Wuerttemberg, Saxony and Bremen will be hit the hardest by possible sanctions against Russia over Crimea, said a research material by Munich-based IFO Institute for Economic Research on Monday.

“Germany cannot afford to fully stop trade with Russia in short-term outlook, as the Russian Federation accounts for about 30% of our oil and gas imports,” the Institute’s expert Erdal Yalcin said.

Yalcin added that “the European Union is seeking to sign trade agreements with Ukraine, Moldova and Georgia, aimed at isolating Russia, while it is search for the economic balance of interests with Russia that meets Germany’s interests”.

“Part of the German economy directly depends on exports to Russia,” he added. Thus, 1.5% of Bremen’s economy directly depends on Russia, while in Saxon and Baden-Wuertemberg those figures stand at 1.4 and 1.3% respectively.

German exports to Russia have grown more than six times since 2000, with only trade with China beating these figures, he said. German exports to Russia stand at the moment at about €36.1 billion. “This is 3.3% of overall German exports,” the expert added.

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