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29 Oct, 2018 09:56

Russia-Germany trade up by almost 25 percent – Kremlin

Russia-Germany trade up by almost 25 percent – Kremlin

The volume of trade between Russia and Germany has been growing and reached US$39 billion in the first eight months of 2018, according to documents prepared by the Kremlin’s press service.

“In January-August 2018, Russian-German trade increased by 24 percent (adding $7.5 billion) compared with the same period in 2017,” the document says, detailing that “Russian exports to Germany rose by 35 percent to $22.1 billion, while imports grew by 12 percent to $16.9 billion.”

The official numbers show that last year, trade turnover between the two countries was $50 billion.

German firms continue investing in the Russian economy despite facing barriers from economic sanctions against Russia. The total amount of accumulated German investments in Russia currently exceeds $18 billion, while Russian investments in Germany stand at $8.1 billion.

According to the chairman of the German-Russian Chamber of Commerce, Matthias Schepp, “the foundations of German and Russian economic relations are solid even in the time of sanctions.” He told RT at the St. Petersburg Economic Forum in May that not only car manufacturers invest heavily in Russia but also medium-sized businesses.

Sanctions against Moscow were introduced by Brussels in 2014 over Russia’s alleged involvement in the conflict in eastern Ukraine. The punitive measures targeted Russia’s financial, energy, and defense sectors; along with some government officials, businessmen, and public figures.

The Kremlin responded by imposing an embargo on agricultural produce, food, and raw materials from countries that joined the sanctions on Russia. Since then, both sides have been extending the measures.

Germany’s business lobby has criticized EU sanctions against Russia, arguing that German companies will end up the losers, since Moscow can’t be fully isolated.

For more stories on economy & finance visit RT's business section