The federal government is canceling the loan guarantees for exports to Russia.
(Photo: dpa)
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Düsseldorf The federal government is now making it considerably more difficult for German companies to do business with Russia, even if their products are not on the European sanctions list, such as microchips or armaments.
As the Handelsblatt learned from the Federal Ministry of Economics, Berlin has completely canceled the Hermes guarantees for Russia. “The approval of Hermes guarantees and investment guarantees for Russia has been suspended until further notice,” confirmed a ministry spokesman on request.
Since 1949, the Federal Republic of Germany has been using export credit guarantees to protect exports from German companies against the insolvency of foreign customers, but also against the consequences of war or state confiscation.
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