German biz: Losses from anti-Russian sanctions top 100 bln euros

BERLIN, Jan 30 (PRIME) -- The combined losses of Russia and the E.U. from anti-Russian sanctions have exceeded 100 billion euros since 2014, Wolfgang Buchele, chairman of Germany’s Committee on Eastern European Economic Relations, said on Tuesday.

According to calculations of the University of Keele, Russia’s losses accounted for 60% of the sum, and E.U. losses for 40% of the combined sum. The European economy has paid a high price for the conflict that can be solved only through diplomacy, Buchele said.

In 2014, relations between Russia and the West deteriorated to their worse since the Cold War due to a military conflict in Ukraine. The West introduced sanctions against some Russian individuals and firms and further against the energy and banking sectors.

In response, Russia limited food imports from some countries. The list included meat, seafood, vegetables, fruit, dairy products. The restrictions are in effect until the end of 2018.

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