Effects of sanctions against Russia on the economy - German-Russian economic discussion in Bad Pyrmont

The Honorary Consul of the Russian Federation in Hanover, Heino Wiese, as well as the Chamber of Commerce and Industry, the Eastern Committee of the German Economy and the German-Russian Forum have invited representatives from business and politics to a German-Russian economic discussion in Bad Pyrmont. During the two-day congress, the impact of sanctions against Russia on the economy was discussed in detail and calls were made to normalize relations and promote economic cooperation.

As you know, the European Union has imposed sanctions on the Russian Federation in the wake of the conflict over Ukraine. The reason for the sanctions are actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, such as the annexation of Crimea to the Russian Federation.

In addition to the low oil price, the sanctions also have a negative impact on the economies of both countries. Burkhard Dahmen, board member of the Eastern Committee of the German Economy, spoke of a three-digit billion amount. The European Union's trade with Russia alone has fallen from 326 to 209 billion euros since 2013. The value of German companies' exports to Russia has halved since 2015.

We at OCS have been active in Eastern European freight transport for 28 years. We also felt the impact on our business, as I confirmed in an interview with “RT Deutsch” . Despite the sanctions, we maintain our personal contacts with our Russian partners very intensively so that economic relations with Russia do not collapse.

We support you so that we can all once again have a partnership with a stable Russia and an unhindered flow of goods between the two countries is maintained. As Vladimir Grinin, Ambassador of the Russian Federation to Germany, confirmed, Russia wants to become an industrially highly developed and internationally competitive country. Former Chancellor Gerhard Schröder, who was invited to the dinner as guest of honor, also emphasized that the economic talks in Bad Pyrmont were a signal to continue dialogue in difficult times. He emphasized: “The dialogue that I am committed to does not exclude criticism, but explicitly includes it.” He called on business to maintain relations with Russia.

The conclusion of the talks from our point of view: Russia and Germany have a great interest in the sanctions being relaxed, economic relations normalizing and us returning to a constructive dialogue.