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Sanctions Cut German Exports to Russia by 34 Percent

German exports to Russia slumped by 34 percent in the initial 5 months of the year to 4.4 billion euros ($4.8 billion) due to Western sanctions imposed on Moscow over the Ukraine crisis, a lobby organisation representing German attention in eastern Europe pronounced Thursday.

If this trend continues, exports to Russia could tumble by around a third to about 20 billion euros ($22 billion) this year, pronounced Germany’s Committee on Eastern European Economic relations.

That would be reduction than half the record 38 billion euros reached in the record year of 2012.

German attention usually reluctantly supposed the need for sanctions imposed by the European Union on Russia’s defense, oil and financial sectors in response to Moscow’s activities in eastern Ukraine and its cast of Crimea.

Some 6,200 German firms were active in Russia before the sanctions took effect, with some 300,000 German jobs related to exports there.

Article source: http://www.themoscowtimes.com/article/526118.html