Germany's Committee on Eastern European Economic Relations warns against sanctions imposed on Russia

Germany's Committee on Eastern European Economic Relations, a joint organisation of the leading associations representing German businesses who have interests in Russia, Central and Eastern Europe, South-East Europe, the Caucasian Republics and Central Asia, has published a statement by the body's president Eckard Cordes devoted to the ongoing economic tensions between Russia and the EU.

According to the statement, the body has warned against escalation of the Ukrainian crisis and economic sanctions against Russia. The president of the committee says the European sanctions as well as Russia's response will aggravate the economic situation in the region.

In 2013 German companies exported 570 million euro worth of  products, which are now banned by the Russian government, the statement reads. .

According to the head of the body, the parties should stop imposing additional sanctions on each other and return to negoatiations.

"Otherwise pressure on Russia will increase and the country will become more and more isolated from the rest of the world. As a result Russia will stop its cooperation with Western powers," the statement reads.

Orkhan Sattarov reporting from Germany. Exclusively to Vestnik Kavkaza