“The sanctions (imposed by the European Union in connection with the events in Ukraine in March 2014) against Russia cost the German economy €5.45 billion annually. For the European Union, the costs amount to €21 billion”, – said Gregor Berghausen, Managing Director of the Düsseldorf Chamber of Commerce and Industry.
The most affected by the imposition of sanctions against Russia were industries such as manufacturing, mechanical engineering, automotive and chemical industries.
“All participants in this process, especially Russia, will benefit from the lifting of sanctions. Within Germany, all federal states will benefit economically, especially the East Germans”, – said Lysandra Flach, head of the Ifo Institute for Economic Research in Munich for external economics.
Further sanctions policy against Russia will only aggravate the economic situation.
“The study demonstrates once again that from an economic point of view, sanctions only lead to a loss on both sides. If the sanctions are tightened, the financial losses will increase, if they are softened, it will be possible to increase sales again”, – concluded Berghausen.