German economy fully supports the EU embargo on Russia

German business supports political decisions to sanction Russia over its attack on Ukraine.

This is stated in a position paper on the implementation of the EU-Russia embargo sanctions prepared by the Federal Association of German Industry (BDI), Ukrinform reports.

"Russia's attack on Ukraine is a blatant violation of international law and cannot be tolerated. Therefore, we support sanctions," the document says.

It recognizes that, unfortunately, their enforcement has its limitations, as many states do not apply sanctions against Russia.

German industry rejects accusations that its companies are "careless" in evading sanctions and demands the creation of a pan-European "blacklist" that should include companies outside the EU that service Russian procurement.

The authors of the document note that Russia has created an increasingly sophisticated system to avoid trade restrictions. This is possible because about 60% of the world's economy and 75% of the world's population are not subject to sanctions against Russia.

"A central control instrument to enforce the sanctions is urgently needed," Wolfgang Niedermark, member of the BDI Executive Board, emphasized.

After the beginning of Russia's full-scale aggression against Ukraine, the EU, G7, as well as a number of states that are not members of these two organizations imposed sanctions against Russia.

Author – Anastasiya Glotova, 25/04/2023