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Germany's VDA automotive industry association, for example, reported a 23% year-on-year drop in trade turnover with Russia in June, the newspaper said.
“The Ukrainian crisis has further aggravated the economic situation,” VDA chief Matthias Wissmann was quoted as saying.
“German firms are losing billions in Russia,” the newspaper said.
German experts are on record as warning that economic sanctions will have a negative impact on a German economy determining to a large extent the eurozone's welfare. Trade turnover between Russia and Germany reached 76 billion euro last year.
More than 6,000 German companies co-operate with Russian enterprises, with total investments reaching 20 billion euros. Some 300,000 jobs in Germany are reckoned at risk from economic sanctions against Russia, a possibility not excluded by the federal government.