Anti-Russian Sanctions Increasingly Hurting German Economy

In the third quarter of this year, the growth of the German economy slowed down. According to preliminary estimates of Reuters economists, gross domestic product increased only by 0.3 percent from July to September compared to the previous quarter. The Federal Statistical Office will publish its first estimates on Friday, DWN wrote.

The Head of the Committee on Eastern Economic Relations, Eckhard Cordes called for the end of economic sanctions against Russia.

"We should start […] a discussion about the lifting of the sanctions," Cordes told the German newspaper Handelsblatt on Monday.

According to the economist, the sanctions cannot solve the current political situation. Moreover, they “deeply” affected the German economy with the trade volume between the two countries almost halving compared with the previous year.

"Europe and Russia belong to each other strategically," Cordes argued, adding that the sanctions should be lifted as soon as possible in order to restore constructive and friendly relations between both countries.

Since 2014, the European Union has repeatedly introduced economic sanctions against Russia, accusing Moscow of interfering in the Ukrainian crisis — an allegation Moscow has constantly denied.

In early October, Russian President Vladimir Putin stated that it was important to prevent the deterioration of relations between Germany and Russia and to save the potential for bilateral cooperation.