"According to AHK estimates, only because of the termination of new transactions, the German economy is facing a damage of more than 100 million euros ($123 million) in the short term. In the long term, projects with a total value of several billion euros could be under risk. The growing administrative costs due to additional inspections are an additional obstacle for German business," the report said.
A new wave of sanctions shows that conflicts in Syria and Ukraine should be resolved as soon as possible, chairman of the AHK board Matthias Schepp said.
"Efforts are needed from both Moscow and Washington, as well as from the EU and responsible persons involved in the conflict of states," he added.
On Friday, the United States unveiled new sanctions against Russia over Moscow's alleged global destabilization efforts. Among the individuals and entities affected by the US sanctions were several Russian businessmen and companies controlled by them, as well as a number of high-ranking Russian officials. The decision of US authorities caused massive sell-off of Russian assets and a sharp depreciation of ruble early this week.
US-Russia ties were further strained after US presidential election in late 2016. Washington accused Moscow of interfering in the US presidential election and imposed new sanctions. Russia has repeatedly denied accusations of election meddling and President Donald Trump has firmly rejected allegations that his campaign team colluded with the Kremlin in any effort to affect the outcome of the polls.
With regard to Syria, Russia is targeting militant and terrorist groups in the country, such as the Daesh, at the request of President Bashar Assad’s government, while the US-led coalition is conducting airstrikes without authorization from Damascus or the United Nations Security Council.