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New US sanctions against Russia could cost Germany billions of euros

UNITED STATES (OBSERVATORY) –┬áNew US sanctions against the Russian Federation could cost the German economy in the future several billion euros, the Russian-German Chamber of Foreign Trade (VTP) said on Tuesday.

The United States on Friday introduced new sanctions against the Russian Federation. A number of large Russian businessmen and companies controlled by them got to the list of sanctions. This decision of the US authorities caused massive sales of ruble assets on Monday, on Tuesday the ruble continues to fall sharply.

“According to the estimates of the ITP, only because of the rejection of new transactions, the German economy is facing a damage in the short term of more than one hundred million euros, and in the long term, projects with a total value of several billion euros may be under attack.” The growing administrative costs due to additional inspections are an additional obstacle for German business, “the report said.

A new wave of sanctions shows that conflicts in Syria and Ukraine should be resolved as soon as possible, said Mattias Shepp, Chairman of the Board of the ITP. “Efforts are needed from both Moscow and Washington, as well as from the EU and responsible persons involved in the conflict of states,” he added.