VDMA's Thilo Brodtmann releases statement on Ukraine war sanctions

Regarding the current sanctions in the context of the Ukraine war, VDMA General Manager Thilo Brodtmann released the following statement.

“First and foremost is the concern for the well-being of the people of Ukraine. This also creates the challenge of contributing to an end to the violence with effective and consistent sanctions.

"The sanctions imposed by the European Union following Russia's illegal invasion of Ukraine represent a fundamental reassessment of economic and trade relations with Russia in the light of Vladimir Putin's systematic aggression.

"The new delivery bans for various goods to Russia cover large parts of European mechanical and plant engineering. They affect exports with a volume of several hundred million euros.

"It is now necessary to analyze the sanction conditions and their effects in detail. Counter-sanctions from the Russian side are also possible, but it is still right to sanction the aggression against Ukraine harshly. In the technology and capital goods sector, Russian manufacturers play a largely subordinate role.”