"The turnover between Russia and Italy declined to $8 billion in the first eight months of 2015," Antonio Fallico told Sputnik.
Prior to the Western sanctions imposed on Russia over Ukraine, the trade turnover between the two countries reached some $40 billion
Fallico underlined that the sanctions were having a serious effect on agricultural deliveries in Italy, as well as on the high-tech sphere and had "affected the heart of the bilateral trade – the financial system."
"We are trying to convince Italian businesses of the necessity to produce directly in Russia, guided by the principle ‘Made with Italy,’ not ‘Made in Italy,’ Fallico said. He stated that there were a number of small companies that had started to make Italian food on Russian territory.
Fallico added that Banca Intesa cooperated with Russian business, strictly observing the limitations imposed by the EU sanctions.
In 2014, Moscow introduced a one-year import ban on selected food products from the European Union, the United States and their allies. Russia sanctioned those countries that earlier imposed economic sanctions against Russia over an alleged involvement in the Ukrainian conflict. Russia's food imports embargo has been extended for another year.