IfW in the News

German business concerns take a back seat over Russia sanctions


Julian Hinz explains how much sanctions against Russia also harm the the sanctioning countries.

Excerpt from the article

(...) Julian Hinz, an economist at the Kiel Institute for World Economy, said the impact of past sanctions on Russia-Germany trade has already been considerable, accounting for as much as a third of the recent decline in German exports. “The main damage comes not so much from the direct impact of the sanctions, but from the fact that companies now find it much harder to finance their trade with Russia. German banks have already largely retreated from Russia,” he said.