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German business estimates damage from US anti-Russian sanctions at 1.5 bln euros

The Russian-German Foreign Trade Chamber conducted a survey of 154 companies

MOSCOW, April 26. /TASS/. The losses of German companies from the sanctions, the United States imposed on Russia, may amount to 1.5 bln euros, according to a press release of the Russian-German Foreign Trade Chamber.

It conducted a survey of 154 companies, which are members of the organization.

"Short-term losses are estimated by the survey participants in the current fiscal year in the hundreds of millions of euros, and may amount to 377 million euros." The medium-term losses will amount to at least 0.82 billion euros, according to conservative estimates. In the worst scenario, it may total almost 1.5 billion euros," the report said.

On Thursday, a source with the German government told reporters in Berlin that the German authorities would welcome exceptions for national companies in the course of implementation of the US latest sanctions against Russia.

"These sanctions can affect our companies, and in a very negative manner. If there is an opportunity to get exceptions for them, we would welcome it, "the source noted.

It is expected that this topic will be discussed at the meeting of German Chancellor Angela Merkel and US President Donald Trump, which will be held on Friday in Washington.

The Russian-German Foreign Trade Chamber expressed hope that the Chancellor will manage to get exceptions or relief for German firms that may be affected by the recent US sanctions against Russian enterprises and individuals."

US sanctions

On April 6, the US authorities announced the imposition of sanctions against a number of Russian officials, businessmen and companies. The Russian businessmen who were put on the new US restrictions list include Gazprom CEO Alexei Miller, VTB head Andrei Kostin, owner of Renova Viktor Vekselberg, Surgutneftegaz CEO Vladimir Bogdanov, Sibur board member Kirill Shamalov, and businessmen Igor Rotenberg, Oleg Deripaska and Suleiman Kerimov.

Among the companies slapped with the latest sanctions are several enterprises belonging to Oleg Deripaska. Among them are Agro-Holding Kuban, EuroSibEnergo, Russian Machines, GAZ Group, B-Finance, Basic Element, En+.

The US sanctions were also slapped on Renova, Ladoga Management, Russian Financial Corporation, NPV Engineering and Gazprom Bureniye.

The sanctions imply that the assets of these companies are frozen. Before May 7, US investors should get rid of the securities of three of the 12 Russian companies from the list, and by June 5 - to cancel contracts with all enterprises subject to restrictions and their subsidiaries.