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A recent survey of the Ifo institute reveals the negative effect of the Russia sanctions on the German industrial sector, with companies in eastern Germany more affected than companies in the western half. Sanctions lead to increased bureaucracy which weighs on business activity with Russia, survey respondents noted. "Machinery and car manufacturers, the chemical and electrical sectors, and logistics are the most frequently affected," says Jasmin Gröschl, Deputy Director of the ifo Center for International Economics.

The survey saw around 50% of respondents seeing a benefit from lifting current EU sanctions, while a subgroup of respondents divided opinion over the Nordstream 2 pipeline with a small majority being against a halt in construction.

"Russia is unilaterally dependent on the EU as a supplier and as a customer, while it plays a subordinate role for the EU as a trading partner." Jasmin Gröschl added. Russia exports raw materials such as gas and oil to the EU, while it imports mainly industrial goods from the EU.