Flags germany and russia; source: istockphoto.com/Johan Ramberg - naphtalina

© istockphoto.com/Johan Ramberg - naphtalina

Sigmar Gabriel, Federal Minister for Economic Affairs and Energy, will be visiting Moscow together with a business delegation from 21 to 22 September.

He intends to hold talks with several members of the Russian government on Russia's bilateral economic relations with Germany and with the European Union. In addition, Minister Gabriel plans to meet with representatives of German companies located in the Russian Federation.

The latest statistics show that trade between German and Russian enterprises has been declining further. In the first half of 2016, it fell by 13.7 percent compared with the corresponding pre-year period. In the same period, exports declined by 20.6 percent from €15.4 billion to €12.2 billion

This was primarily due to the economic situation in the Russian Federation, the weak Russian rouble and the related fall in the purchasing power regarding both capital goods and consumer goods.