BERLIN, March 17. /TASS/. The subsidiary of Russian pharmaceutical company R-Pharm in Germany has announced its bankruptcy, NTV television reported, citing temporary manager of the company Markus Froehlich.

The main cause of the bankruptcy were European sanctions against Russia and Russian tit-for-tar measures, which adversely affected the business, he said.

The headquarters of R-Pharm Germany with about 300 employees working there is located in the city of Illertissen in Bavaria. An investor is being searched for that may acquire R-Pharm Germany, Froehlich added.