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Trade Between Russia, Italy Drops to $8Bln in 2015 – Bank President

© Sputnik / Igor Russak / Go to the photo bankAntonio Fallico, Chairman, Board of Directors, Banca Intesa
Antonio Fallico, Chairman, Board of Directors, Banca Intesa - Sputnik International
Antonio Fallico, the president of Banca Intesa, a Russian subsidiary bank of Italy's Intesa Sanpaolo Group, said that sanctions against Russia ere 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 between Russia and Italy – the financial system."

Flags of Russia, EU, France and coat of arms of Nice on the city's promenade - Sputnik International
EU Leadership Realizing Need to Lift Anti-Russia Sanctions
MOSCOW (Sputnik), Svetlana Alexandrova – The trade turnover between Russia and Italy declined to $8 billion since the beginning of 2015 due to limitations imposed by EU sanctions against Russia, the president of Banca Intesa, a Russian subsidiary bank of Italy's Intesa Sanpaolo Group, told Sputnik.

"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.

Italian and EU flags - Sputnik International
Italy to Lose $3Bln Due to Anti-Russia Sanctions - Industry Confederation
He urged enterprises from Russia and Italy to continue looking for ways to evade sanctions by finding ways to cooperate within spheres not affected by the sanctions.

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.

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