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The European Union must cooperate with other countries, despite the sanctions, including Russia. This was announced on Tuesday to journalists in Berlin by the Minister of Economy of the Federal Republic of Germany Peter Altmaier.

“I have always advocated that, despite the sanctions that we respect and implement, cooperate, for example, with Russia, in areas where there are no sanctions,” he said.

Speaking about restrictive measures of an economic nature in general, he acknowledged that in many cases they “do not achieve the goal.” Altmaier did not dwell on this topic in detail, referring to the fact that it is being discussed at the EU level.

In 2014, the European Union imposed sanctions on the Russian Federation in connection with the events in Ukraine and the reunification of Crimea with Russia and has repeatedly expanded and extended them. Negotiations on a visa-free regime and a new basic agreement on cooperation were suspended, a ban was introduced on entry to EU countries for a number of officials from the Russian Federation and their assets were frozen, and restrictive measures of a trade, financial and military nature were introduced.

Sectoral sanctions apply to a number of Russian financial, oil and defense structures. The set of such measures included restrictions on access for several large Russian banks to European lending. At the same time, the subsidiaries of Russian state-owned banks, registered in the European Union, have been removed from sectoral sanctions.

Economic recovery in Germany

The German economy, hit by the impact of the coronavirus pandemic, will recover by the end of the year, Altmeier said. “By the end of the year, the German economy will return to the state it was before the pandemic,” he said.

In 2020, the German economy faced two lockdowns, the second began to soften only in the spring of 2021. The state has allocated multibillion-dollar subsidies to support businesses. For this purpose, the parliament specifically canceled the so-called debt brake rule, which prohibits spending more from the budget than earning.

The pandemic has led to a decline in many key economic indicators in Germany. In particular, industrial production fell by 8.5%, GDP fell by 5%, imports by 9.3%, and exports by 7.1%. German budget expenditures in 2020 exceeded revenues by 4.4% of GDP, or € 139.6 billion.

A source: TASS

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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