German lobby group backs business pursuit in Russia — RT Business News

The chairman of the East German Business Association, Oliver Hermes, warned on Tuesday of the implications of Western sanctions against Russia. He also expressed his support for German companies still active in the country.

Hermes said, quoted by Reuters, that there are a number of sectors “in which the pursuit of economic activity is not only legal but also legitimate.”

According to him, “Russia, like Ukraine, supplies the world market with much-needed agricultural products, such as cereals…Sanctions in this area would lead to further shortages and price increases, and would particularly affect the poorest countries.

The chairman of the pressure group noted that there was also the question of the responsibility of German companies for their 280,000 employees in Russia.

“A sale of the production facilities is hardly possible at the moment and would play into the hands of market players from countries that do not apply sanctions against Russia,” said Hermes.

He explained that there are also threats ranging from contractual penalties to total loss of assets and legal consequences for senior employees. “We therefore strongly reject the blanket condemnation of companies that are still active in the Russian market,” said Hermes.

Under Western economic sanctions, foreign companies have been forced out of Russia. However, some of them, including Germany’s Bayer, decided to stay.

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