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German business in Russia loses billions amid Ukraine crisis — media

August 07, 2014, 20:24 UTC+3 BERLIN
Some 300,000 jobs in Germany are reckoned at risk from economic sanctions against Russia
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BERLIN, August 07. /ITAR-TASS/. German companies doing business with Russia are suffering much from the Ukrainian crisis, the mass-market tabloid Bild said on Thursday.

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.

Bild said that against the backdrop of European sanctions on Russia, Germany's BGA trade association expected a 20% drop in sales, and feared Russia’s recent ban on food imports from the EU, US and some other Western countries could make matters worse.

“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.

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