17:51 GMT +310 December 2018
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    German Companies Call for Review of Sanction Policy Against Russia

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    German companies operating in Russia and other countries of Eastern Europe call for reconsideration of sanction policy against Russia, Chairman of Germany's Committee on Eastern European Economic Relations Wolfgang Buechele said Monday.

    BERLIN (Sputnik) — Buechele noted that anti-Russia sanctions particularly impacted the Baltic States, Poland and Germany. For example, German companies have lost 13.5 billion euros ($14.3 billion) over the past two years, equating to the loss of 60,000 jobs, according to Buechele. Besides, he noted that the sanctions were impeding the economic recovery of Ukraine.

    "The time has come to raise this matter … It would be nice if the primacy of politics would be used to tackle political crises primarily by political means," Buechele said in an article for the German Handelsblatt newspaper, adding that the sanctions against Russia did not affect the issue of Crimea, but provoked "other high risks."

    "De-facto, the total loss due to the economic sanctions for the European economy, including Russia, is estimating at hundreds of billions," Buechele said.

    The relationship between Russia and the European Union soured after Crimean peninsula seceded from Ukraine and reunified with Russia following the March 2014 referendum. The Western countries, including the EU members, have not recognized the legitimacy of the vote, imposing several rounds of sanctions on Russia.

    The European Union's main economic sanctions against Moscow are set to remain in place until January 31, 2017, and sanctions against some Russian citizens and legal entities are valid until March 15 of the same year.


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