"Damage in Italy is much bigger than ministers [initially] announced… We now see that the figures are much more serious. They are almost three times higher than initially. We are talking about some 20-22 billion euro in losses already in 2014," Trani said in Milan at the opening of the Russian-European economic forum "New Development Scenarios" organized by General Invest.
According to the Italian financier, the sanctions have mainly affected agricultural producers. "Certain companies go to court over the decisions of the Italian government. The results of this will be announced at the forum," he said.
The West has imposed several rounds of sanctions against Russia over its alleged involvement in the Ukrainian crisis, claims Moscow has repeatedly denied. The sanctions target Russia's banking, defense and energy sectors, as well as a number of individuals.
In August, Moscow responded to the western sanctions by issuing a ban on the import of certain food products from the European Union, the United States, Canada, Australia and Norway.
