German economy lost 17 billion euros on Russian sanctions

EU sanctions against Russia have negative consequences for the German economy. German exports to Russia have almost halved. This translates into a loss of € 17 billion in revenue. German business is constantly losing market share due to sanctions, which is filled with competitors, for example, from China. Therefore, more and more calls are being heard in Germany to cancel these measures.

Hope most likely rests on the new US President Donald Trump, who wants to normalize relations with Russia. Angela Merkel, however, tried with President Obama to push for an extension of EU sanctions.

After all, German exports to Russia began to rise again for the first time since the start of Western sanctions. At the same time, exports increased in the third quarter by 3.9 percent from a year earlier, although this is a small consolation given the previous drop.

“The latest data leaves hope that German-Russian trade has bottomed out after two years of losses,” said the head of the Eastern Committee of German Industry, Michael Harms. "Since the spring of 2013, exports have fallen for 13 quarters in a row - first because of the economic crisis in Russia, and then in connection with the sanctions against Russia adopted in March 2014, which the US government called for," he said.

In the first nine months, there was another one percent decline. “Next year we expect, given the moderate recovery of the Russian economy, further increase in exports, but an improvement in the business environment is necessary for strong growth. These factors include achievements in the area of ​​sanctions and the lack of new protectionist measures on the Russian side, ”said Kharms.