BERLIN, December 9. /TASS/. The sanctions that the European Union imposed on Russia over the 2014 events in Ukraine cost the EU economy €21 bln per year, the Dusseldorf Chamber of Commerce and Industry said in a statement on Wednesday.

"The sanctions on Russia cost the German economy €5.45 bln per year, and the European Union’s losses are estimated at €21 bln," Managing Director of the Dusseldorf Chamber of Commerce and Industry Gregor Berghausen said, commenting on research by the Munich-based Ifo Institute for Economic Research.

According to the chamber, the policy of sanctions against Russia will only further worsen the economic situation for all players, while both Russia and Germany could benefit from the removal of sanctions.

"Research shows that from the economic standpoint, sanctions damage both parties. If sanctions are tightened, financial losses will rise but if they are eased, trade will grow," Berghausen concluded.