German entrepreneurs are concerned about possible negative consequences for their economy from new sanctions against Russia adopted by US President Donald Trump.
German businessmen and economists fear a possible freezing of a number of major projects in the energy supply security sector.
According to Volker Treier, chief economist at the German Chambers of Commerce and Industry (DIHK), the German economy will be discernibly influenced in that case.
The DIHK also expects an increase in German supplies to Russia, for the first time in four years. According to experts, German exports to Russia could rise by 5% by the end of the year. From 2013 to 2016, the country’s exports to Russia fell by 40%.
The future of the Nord Stream-2 natural gas pipeline project from Russia to Germany is of particular concern to Europeans. The entire pipeline infrastructure of Russia and exports of oil and gas are under threat. At the same time, the measure also bars US companies from investing in deepwater and shale oil projects in which Russian companies have at least a 33% stake. Restrictive measures will affect the financial sector, experts warn.
The US sanctions against Russia were not coordinated with European countries, although they were repeatedly criticized in the European Union. Analysts say the sanctions could affect foreign firms involved in projects for repair, modernization and expansion of Russian gas pipelines.
