Russian Business Ready for Increased German Investments

Russian business is ready for an increase in investments from Germany and localization of German manufacturing in Russia, Vladimir Dmitriev, the vice president of the Russian Chamber of Commerce and Industry, said.

MOSCOW (Sputnik) — According to the statement, about 5,600 enterprises with German funds with an overall turnover exceeding $50 billion operate in Russia and provide job opportunities for about 270,000 people.

"Russian business is not interested in halting projects with German partners and is ready for increase in investment flow and localization of German production. The Deutsche Bundesbank's data proves this. German companies invested in Russia over $1.2 billion in the first quarter of 2016 in comparison with $1.78 billion throughout 2015," the Chamber's statement read Wednesday citing Dmitriev speaking at a Russia-Germany economic conference.

Relations between Russia and the West including Germany, deteriorated in 2014 after the eruption of the Ukrainian crisis.

The United States, the European Union and some of their allies have introduced several rounds of anti-Russian sanctions since Crimea reunified with Russia in 2014, and accused Moscow of meddling in the Ukrainian internal conflict. Russia has repeatedly refuted the accusations, and warned that the sanctions are counterproductive and undermine regional and global stability.