Ukraine crisis

Russia ranked 13th among destinations for German exports in 2013, accounting for $37.9 billion in sales, according to data compiled by Bloomberg. Imports from Russia totaled $50 billion, making Russia Germany’s eighth-biggest supplier of goods. Oil and gas accounted for about three-fourths of the imports.

“It may very well be that the entire German economy is affected because the greatest risk, the biggest cost factor, is really the uncertainty,” Marcel Fratzscher, president of the Berlin-based DIW economic institute, said on ZDF television today. “The high degree of uncertainty makes it extremely difficult for companies to make investment decisions and that affects the whole European and the entire German economy.” 

Germany Inc. Says Time’s Finally Up for Putin After Crash

 
 
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Germany Inc. Says Time’s Finally Up for Putin After Cras…

Germany’s business and political leaders are lining up to support a tougher stance on Russia, giving Chancellor Angela Merkel critical backing as she pushes…
 
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With an economy roughly the size of Italy’s, Russia is already feeling sanctions pain . Existing sanctions have all but wiped out growth in gross domestic product this year; the latest round is expected to throw the Russian economy sharply into reverse….

Of the roughly $200 billion Russia owes U.S. and European banks, France has the largest exposure — with $47 billion in loans outstanding, or about 23 percent of its total foreign bank exposure. American banks hold $27 billion (13 percent of the total) worth of Russian debt, followed by Italy, Japan, Germany, the Netherlands and the U.K….

 

Germany, for example, gets some 40 percent of its natural gas from Russia, but gas only makes up 20 percent of Germany’s overall energy consumption, notes Julian Jessop, Capital Economics chief global economist. He figures that if Russia does turn off the gas, Germany could boost gas imports from other suppliers, through pipelines from Norway and the Netherlands, and draw on existing stocks. Other countries reliant on Russian gas, like Italy and Turkey, could increase imports from North Africa and the Middle East.

 

 

 
 
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Russia is already feeling sanctions pain

With capital flooding out of the country, the stock market falling, the Crimea seizure is turning out to be a costly move.
 
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“Suddenly, we are being dragged from the observer’s position into a long smouldering and incendiary conflict, which is also demanding a price from Europe in the form of sanctions against Russia,” German vice-chancellor Gabriel said.

Foreign minister Frank-Walter Steinmeier, meanwhile, called the danger of Europe splitting a “real one”.

Responsible foreign policy has to make sure that this is prevented,” he told Swiss newspaper the Neue Zürcher Zeitung.

“Whether this is achieved depends not only on us but also on what Russia has planned. Moscow needs to show whether it is ready to leave the route it put itself on by annexing Crimea,” Steinmeier added.  Germany warns of war in Europe – The Local

 
 
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Germany warns of war in Europe – The Local

Germany warned of war in Europe on Monday, with vice chancellor Sigmar Gabriel stating the continent was being dragged into a smouldering conflict wit…
 
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