A German business group on Wednesday cautioned against “Schadenfreude” over Russia’s currency woes, predicting a 20-percent drop in German exports to the country this year and the risk of worse to come.
The ruble’s sharp drop would further damage trade, already hurt by Western sanctions amid the Ukraine crisis, and slash revenues of foreign companies operating in Russia, said Eckhard Cordes, head of industry group the Committee on Eastern European Economic Relations.
“I generally cautioned against Schadenfreude”, or the pleasure at another’s misfortune, Cordes told business daily the Handelsblatt.
“A destabilisation of Russia in the end isn’t in anyone’s interest, we would all …read more
Source: Herald LIVE
