Scholz admits German economy suffers losses from anti-Russia sanctions
The German Chancellor's admission came during the opening of the Hannover Messe trade fair on Sunday.
German Chancellor Olaf Scholz acknowledged the impact of anti-Russian sanctions in his statement at the opening of the Hannover Messe trade expo on Sunday.
"They [the sanctions] are hitting the Russian leadership and the Russian economy hard, and it gets harder and harder every day," the Chancellor stated.
He added that "simultaneously, we are making sure that they [sanctions] don't hit us and our partners in Europe harder than Russia."
The Chancellor acknowledged that economic losses are an issue for many companies that support sanctions, but claimed that more "serious damage" is being avoided by helping with loans, premiums, and aid packages.
However, Scholz noted that despite this, the losses still continue.
EU unity on Russia sanctions "crumbling"
The EU's unity after Russia launched its military operation in Ukraine is beginning to "crumble", according to German Economy Minister Robert Habeck on Sunday. The threat comes ahead of the EU summit, which will discuss fresh penalties against Moscow, as well as a possible oil embargo.
“After Russia's attack on Ukraine, we saw what can happen when Europe stands united. With a view to the summit tomorrow, let's hope it continues like this. But it is already starting to crumble and crumble again," Habeck told a news conference.
The EU has struggled to get an agreement on placing an oil embargo on Russia, with several member countries expressing fears that the measure would be disastrous for their economies. Hungary, which gets the majority of its oil from Russia, has been the most vocal opponent of the embargo, equating the potential consequences to "an atomic bomb." Other landlocked countries, including Czechia and Slovakia, have expressed similar concerns about the embargo.
After Moscow launched a military operation in Ukraine in late February, the EU placed a number of sanctions packages on Russia.