Slumping Russian ruble threatens German economy – top exec — RT News.
German companies doing business with Russia are suffering from the weak ruble, as one in three companies will have to fire employees or cancel its projects, the managing director of the Association of German Chambers of Industry and Commerce warned.
“The crisis of the Russian economy leaves behind an even deeper brake track in Russia-based ventures of German businessmen,” Volker Treier said in an interview with Bild am Sonntag newspaper.
The managing director of International Economic Affairs at the Association of German Chambers of Industry and Commerce (DIHK) revealed that “one in eight companies is considering withdrawing from Russia. So the breach in so many business relations is imminent.”
According to Treier, the weak Russian currency is hurting German businesses. Ten percent of German companies have said that their long-term Russian partners are turning away from Europe toward Asian markets.
