German Chamber of Commerce says it will difficult to restore relations with Russia In view of the expected worsening of EU sanctions against Russia, the Chamber of Commerce of Germany warns of potential harm they could do to the German economy. In an interview with Neue Osnabrücker Zeitung, an expert on Eastern Europe, Tobias Baumann said that six months ago it was impossible to even imagine such a deterioration in relations. "Due to the crisis in Ukraine, the business climate in Russian-German relations has gone much worse. In the first half of 2014, the volume of German exports to Russia fell by 16%," Baumann said. According to him, the collapse of German exports to the Russian Federation was caused by weakening market conditions and the depreciation of the national currency in Russia. The expert believes that it is hard to predict Russia's actions. At the same time, Bumann thinks that the deterioration of the German-Russian trade relations will have a long=lasting effect and that it would be very difficult to restore the previous level of relations between the countries. Baumann also thinks that German manufacturers, especially in the field of engineering, will suffer from the anti-Russian sanctions.
In view of the expected worsening of EU sanctions against Russia, the Chamber of Commerce of Germany warns of potential harm they could do to the German economy. In an interview with Neue Osnabrücker Zeitung, an expert on Eastern Europe, Tobias Baumann, said that six months ago it was impossible to even imagine such a deterioration in relations.
"Due to the crisis in Ukraine, the business climate in Russian-German relations has become much worse. In the first half of 2014 the volume of German exports to Russia fell 16%," Baumann said.
According to him, the collapse of German exports to the Russian Federation was caused by weakening market conditions and the depreciation of the national currency in Russia.
The expert believes that it is hard to predict Russia's actions. At the same time, Bumann thinks that the deterioration of German-Russian trade relations will have a long-lasting effect and that it would be very difficult to restore the previous level of relations between the countries.
Baumann also thinks that German manufacturers, especially in the field of engineering, will suffer from the anti-Russian sanctions.
