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Expert: Shrinkage of Germany-Russia trade fraught with reduction of up to 160,000 jobs

June 26, 2015, 21:53 UTC+3 BERLIN
Eckhard Cordes, the President of the Committee on Eastern European Economic Relations says that the sanctions had hit Germany’s machine-tool industry and businessmen active in the agrarian sector
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© AP Photo/Vadim Ghirda

BERLIN, June 26. /TASS/. Shrinkage of trade between Russia and Germany stemming from the anti-Russian sanctions and its response measures puts at stake up to 160,000 jobs in Germany, Eckhard Cordes, the President of the Committee on Eastern European Economic Relations, said on Friday.

"According to our estimates, about 150,000-160,000 jobs can be affected in Germany," he told journalists, adding that German exports to Russia were to drop by more than 25% in the current year. "The latest data are worse than our worst expectations," he said.

Cordes called to mitigate the restrictive measures against Moscow. He said that the sanctions had hit Germany’s machine-tool industry and businessmen active in the agrarian sector.

According to Cordes, in 2015 Russia may drop to position 15 in the list of importers of German products, falling behind such countries as the Czech Republic and Sweden. German companies are paying the highest price in the European Union for the sanction policy against Russia, he added.

The German expert said he doubted that Brussels had chosen a right strategy in respect of Moscow. "Russia’s economic relations with Germany and the European Union are on the decrease whereas Russia is turning towards China, India and South Korea," he said.

The Committee on Eastern European Economic Relations represents the interests of about 6,000 German companies acting in Russia.

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