German Firms Fear Russia May Permanently Look To Asia

This year, the German economy will lose 290,000 jobs and receive $10 billion less because of the limitations on its Moscow ties, said the Committee on Eastern European Economic Relations to Contra Magazine. "The current developments exceed our worst fears," committee chairman Eckhard Cordes explained.

Just last year, German exports to Russia plummeted by $7.2 billion, according to sputnik.

This is the effect of the western policy towards Russia, which is affecting many European countries, not just Germany, the largest economy in the EU. It is estimated that the European Union could lose as much as $110 billion and up to 2 million jobs due to anti-Russian sanctions, according to the committee.

What is more fearsome is the long-term effects of the western policy. German businesses are afraid that their trusted, long-term Russian partners have swung to Asia, especially China.

The German business houses fear that the shift might be permanent. By the time restrictive measures are lifted, earlier ties and partnerships could be wiped out. German companies egg the government to lift the crippling anti-Russian sanctions so that this nightmarish scenario can be done away with, the media outlet said.