According to Torrembini, losses in the agricultural sector haven't been that significant, but cuts in export of equipment for oil and gas production, processing industries, metalwork have done enough damage.
"Machine tools for oil and gas equipment were sanctioned; and other difficulties derived from the overall economic situation with exchange rate fluctuation, the West refusing to give loans," he said. "It was very difficult for us."
Torrembini noted that Italians traditionally don't just leave during crises.
"We already had other critical moments before. But our entrepreneurs, companies believe in the future of Russia, that's why they stayed. Of course, they had to tighten their belts, but not a single company closed business in Russia," he stressed.
He noted that economic situation in Russia has been improving lately.
"There may be issues with fast moving consumer goods or construction materials. As for equipment, there has been improvement. For instance, in equipment for the production of construction supplies, processing, agro-industry, and other types of equipment," Torrembini said. "Import phase-out policy provoked great demand for Italian equipment. These important industry sectors are seeing improvement".
