ROME, October 12. /TASS/. European sanctions, which Italy has signed up to, are hindering Italian entrepreneurs who continue to do business in Russia, while the overall competitiveness of the Italian economy is deteriorating, Russian Ambassador to Italy Alexey Paramonov told TASS.

"Italy’s joining the European Union’s illegal sanctions has turned Italian entrepreneurs in Russia into sort of outcasts in their own country. Nothing of the sort has ever happened in history. They complained at a meeting with Deputy Prime Minister, Minister of Infrastructure and Transport Matteo Salvini in Milano on September 14 that conditions in Italy were far worse for them than in Russia, their bank accounts were being closed, various artificial obstacles were being created for their business operations, and they were almost being branded ‘enemies of the state’. Yet, many in Italy are convinced that the Russian and Italian economies are perfectly complementary," the diplomat said.

An increasing share of the Italian public, including the business community, is questioning whether their government’s current anti-Russian course serves the interests of the population, he noted. "Italy is gradually coming to its senses and realizing that an excessively high price has been paid for participating in Brussels’ sanctions policy against our country," Paramonov stressed.

Italy itself is the main loser in this regard, with its economy becoming less competitive compared with other major European and global producers, he said. Meanwhile, "the Russian economy does not depend solely on Italy: the majority of goods previously imported from the Apennine Peninsula have been successfully replaced by either domestic producers or suppliers from friendly third countries," Paramonov added.

According to figures provided by the Italian side, up to 300 Italian companies continue to operate in Russia. Compared with 2013, total trade turnover has fallen from 30 billion to 7 billion euros, while Italian exports have dropped from 10 billion to 3.5 billion euros.