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German report: Europe losses 21 billion euros annually as a result of sanctions on Russia


Berlin-SANA The German Chamber of Commerce and Industry in Düsseldorf has concluded that Europe incurs losses of 21 million


The German Chamber of Commerce and Industry concluded that Europe incurred losses of 21 billion euros annually as a result of economic sanctions on Russia.

The study stated that the manufacturing industry, mechanical engineering, auto industry and chemical industries in the European Union countries suffered more than others due to the restrictions against Russia, according to Reuters.

The study indicated that the lifting of sanctions will benefit the Russian and German sides and the state of North Rhine-Westphalia exclusively by about one billion euros annually, considering that the situation in international markets has become more complex and that the Russian sales market has great potential for medium-sized German companies.

It is noteworthy that Russia has responded to the European Union and the countries involved in its sanctions against it with repressive sanctions, including the ban on importing animal and agricultural products from the sanctions countries, which inflicts heavy losses on the European agricultural sector and promotes agricultural products, meat and poultry in Russia, which has achieved doubling indicators since the imposition of the sanctions.

Source: sena

All business articles on 2020-12-10

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