Germany suffered the most from sanctions against Russia
Evaluation of the German Institute for world economy, Germany more than other Western countries affected by sanctions against Russia — it accounts for 40% of all trading losses in Western countries due to the imposition of sanctions. According to the Institute, without sanctions, German exports to Russia could be on average €618 million higher.
As reported on Thursday by the German newspaper Rheinische Post, in an unpublished study of the German Institute for world economy (IfW), Germany more than other Western countries suffered from the imposition of sanctions against Russia. We are talking about the losses due to the decline in exports, according to the study, “Germany accounts for 40% of retail losses in the West, while other major geopolitical players such as the United Kingdom (7,9%), France (4,1%), USA (0,6%), affected a lot less.”
The total losses from the sanctions in 2015 amounted to €97 billion, of which 61% occurred in the Russian company.
Trading losses of Western countries due to the introduction of sanctions was made in this period to €37.5 billion, of which about 90% is in the EU. According to estimates by the IfW, German exports were lower by an average of €618 million in a month, than they would without the imposition of sanctions. Thus, according to analysts of the IfW, only 9% of this amount is attributable directly to the products that fall under the sanctions. The remaining 91% associated with shrinking opportunities for financing of imports for Russian companies.
In June, the Eastern Committee of German economy (OA) has published a report on how sanctions have affected the economy of Germany. OA evaluates the effect of the sanctions in the “dozens, if not hundreds of billions of euros”. According to analysts OA, the number of representative offices of German companies in Russia has declined over this period from 6 thousand to 5.3 thousand, in addition, it lost about 60 thousand jobs. From January 2015 to December 2016 the export of German goods to Russia decreased by 41%.