German business group sees damage from Russia sanctions at around 100 bln euros

by Reuters
Friday, 11 January 2019 09:11 GMT

BERLIN, Jan 11 (Reuters) - The chairman of the German Committee on Eastern European Economic Relations said on Friday that the damage caused by Russia sanctions was in the order of 100 billion euros ($115.25 billion).

Wolfgang Buechele, chairman of the umbrella group for German industrial companies doing business in the vast region to its east, recommended German firms continue doing business with Russia, saying that U.S. sanctions against Moscow were vague.

U.S. Treasury Secretary Steven Mnuchin insisted on Thursday that the Trump administration would keep tight control on companies linked to Russian oligarch Oleg Deripaska, despite last month's decision to ease restrictions on the firms.

($1 = 0.8677 euros) (Reporting by Andreas Rinke Writing by Michelle Martin)

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