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Trade turnover between Germany, Russia down 76% year-to-date

Annual decrease amounted to 27 bln euro

BERLIN, September 19. /TASS/. Trade turnover between Germany and Russia dropped by 76% in the first seven months of 2023 year-on-year to 8.4 bln euro, head of the German Economy Eastern Committee Cathrina Claas-Muehlhaeuser said.

Annual decrease amounted to 27 bln euro, she said. "Among Germany’s global trade partners Russia fell from the 14th to the 36th spot," Claas-Muehlhaeuser was quoted as saying in the association’s press release.

Most German companies have scaled down or are scaling down presence in Russia, though this was not the target of sanctions imposed against the country, the official said. She also welcomed continuation of activities in such sectors as healthcare, agriculture, as well as partial maintenance of payment channels to Russia. "Full suspension of the activities of European banks [in Russia], as requested by the ECB (European Central Bank - TASS), would have dramatic consequences for all foreign companies," Claas-Muehlhaeuser noted.