Sanctions imposed by the European Union on Russia in connection with the military invasion in Ukraine have limited operations on correspondent accounts between German and Russian banks. “Now German banks do not open new or even confirm existing letters of credit to manufacturers. This will lead to the fact that the supply of German machine tools to the Russian market will be greatly reduced", says Konstantin Putintsev, CEO of the subsidiary of Siempelkamp in Russia. How much is difficult to predict, as it is still difficult to assess the scale of these problems, he added. ...
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