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German business concerns grow over Russia ties
German companies are concerned about their business ties with Russia and most oppose economic sanctions
In the FT article, published on March 27, Ulf Schneider, Managing Partner at RUSSIA CONSULTING, comments: “I’ve heard a lot of voices – German Managers at Russian subsidiaries – saying ‘everything we built up over the last ten years, it will take us another five years to build that up again – back at the German headquarters they have lost confidence’.”
German headquarters were calling up to ask if their cash and investments are safe. Ulf Schneider continues: “They are checking how much cash is in the Russian bank account and considering if it would be possible to pay an extraordinary dividend to the German headquarters”. German business leaders fear that Russia could turn away from Europe and look east to do more business instead.