German Exports to Russia Plummet

Sanctions have been disastrous for German business

With Germany’s export-dependent economy slowing, EU sanctions have hit Mittelstand companies particularly hard

German exports to Russia tumbled by more than a quarter in August, underlining the impact of sanctions on Europe’s biggest economy. But it is not just Germany that is suffering. Tourism across Europe and North America has taken a knock, too.

In August, Germany exported goods to the value of €2.3bn to the Russian Federation, a decline of 26.3 per cent on August 2013, Germany’s federal statistical office said on Wednesday.
Between January and August 2014, German exports to Russia declined by 16.6 per cent to €20.3bn compared with the same period a year earlier.
The EU imposed sanctions in finance, defence and oil equipment in July…

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