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German Chancellor Angela Merkel has adopted a harsh tone addressing Russian President Vladimir Putin, but is not among staunchest supporters of EU sanctions, Photo by EPA/BGNES
Germany could be the EU member state to suffer the most from sanctions imposed on Russia.
Data in an article posted on German newspaper Die Welt's website suggests that economic measures against Russia would be dangerous not only for Germany's energy security, but also for its car industry and its retail.
About EUR 19 B of German direct investment have been put into Russia, which places the country on top of the list of EU states investing in Russia.
It also has a huge share of more than 30% of European exports to Russia, with other countries lagging far behind: second is Italy, with 9.04%.
Russian neighbor Poland, which strongly supports sanctions is third, with just 6.79%.
Other countries in Europe could also suffer great exposure, with French cosmetics industry, as well as French and Italian banking, likely to observe huge losses.
Sanctions against Moscow could thus raise pressure on European companies and not on Russia, Die Welt has hinted.
EU members in South-Eastern Europe, with the exception of Romania, have warned against approving European measures, explaining their industry and tourism would be hit hard as their economies are largely intertwined with Russia.
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