According to December’s report from the Association of German Banks, Germany’s major financial institutions asked the US government not to imply new sanctions on Russia and not to tighten the existing ones.
The Association of German Banks includes almost 200 local organizations as well as several foreign lenders with branches in Germany. Entrepreneurs fear that sanctions will make it impossible to continue doing business with Russia. Experts believe that new US sanctions will lead to the imposition of an embargo against Moscow.
As it is stated in the document, the organization opposes the introduction of new anti-Russian sanctions. In case it take place, the Association of German Banks asks to make an exception for its members, so German banks and companies could complete their financial transactions.
The risk of new sanctions increased since the Democrats won the US midterm elections, Reuters reported. Analysts suggest that the anti-Russian sanctions may prevent German bankers from investing in the North Stream 2.
Russia’s debt to Germany reached $7 billion in the third quarter of 2018, the Bank of International Settlements stated. Meanwhile, according to the Federal Customs Service, the trade turnover between Russia and Germany increased by 19.3% and amounted to $59.6 billion in 2018.
