BERLIN – Trade turnover between Germany and Russia fell by 76 percent in the first seven months of this year to 8.4 billion euros, the president of the German Economic Committee, Katrina Klaas-Milhauser, said today. The annual reduction amounted to 27 billion euros, she said.
“Among Germany’s global trade partners, Russia fell from 14th to 36th place,” Klass-Milhauser said, according to TASH. Most German companies have reduced or are reducing their presence in Russia, she added, and also welcomed continued activity in sectors such as health, agriculture, as well as partially maintaining payment channels to Russia. “A complete suspension of the activities of European banks in Russia, as requested by the European Central Bank (ECB), would have dramatic consequences for all foreign companies,” Klaas-Milhauser concluded.