Sanctions in the Russia/Ukraine conflict
IHK sets up task force for affected companies
The Chamber of Industry and Commerce in Munich has set up a task force for companies that are directly affected by the war in Ukraine.
The 1200 Bavarian companies operating in Russia wanted to know quickly whether and how sanctions would affect them, the Chamber of Industry and Commerce announced on Monday. The 500 or so Bavarian companies operating in Ukraine were primarily concerned about the safety of their employees there. Many branches remained closed for the time being.
There is great understanding in the business community for tough sanctions against Russia. "A war is no basis for economically viable relationships," said Managing Director Manfred Gößl.
By far the greatest risk for the Bavarian economy is the energy supply: 36% of Bavaria's oil and gas imports come from Russia. Default aid for German companies with branches in Ukraine or Russia is less urgent, especially as there are some federal guarantees for existing projects.
In 2021, Russia accounted for 1.6% of Bavarian exports and 3.0% of imports. Ukraine accounted for 0.3% of Bavarian foreign trade.
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