By Maria Sheahan FRANKFURT (Reuters) - Several top German executives criticized the strategy of the U.S. and Europe in dealing with Russia after it took control of the Crimea region, fearing the consequences for their businesses. The European Union, United States and other Western nations have imposed sanctions on Russia in response to its seizure of the Crimea region of Ukraine and have threatened broader economic penalties if the crisis escalates, triggering the worst East-West clash since the Cold War. Steelmaker ThyssenKrupp's Chief Executive Heinrich Hiesinger told daily newspaper Die Welt that the events of the past had shown that great change could be achieved if the West cooperated with Russia rather than being confrontational. "Now we have a situation in which Russia feels that its back is against the wall," he said in an article published on the paper's website on Saturday. Russia is Germany's 11th biggest commercial partner, with trade reaching 76.5 billion euros ($105 billion) last year, according to the trade association Ost Ausschuss. Many companies are worried about losing out on business if further sanctions take effect. Some 300,000 German jobs are linked to business there and Europe's biggest economy depends on Russia for 35 percent of its gas. "Many German companies that invested in Russia last year or wanted to build production sites there have now given up their plans or put them on ice," Bernd Hones, Economic Correspondent at economic development agency Germany Trade & Invest in Moscow, told weekly paper Frankfurter Allgemeine Sonntagszeitung. He added that German corporations had the impression that Russian industrial firms did not think it politically appropriate to do business with German companies. MEETING PUTIN Some German executives are taking steps to ensure their business is not put at risk. The head of Germany's state railway said this week he planned to travel to Moscow. Joe Kaeser, chief executive of engineering giant Siemens, drew criticism from some German politicians for meeting Russian President Vladimir Putin on Wednesday. Some non-industrial German companies, such as retailer Metro and drugmaker Stada have said they would continue to invest in Russia as long as threatened G7 sanctions do not disrupt business. Herbert Hainer, chief executive of sporting goods maker Adidas, told Die Welt that he believed the West waited too long to start talks with Putin when tensions between Russia and Ukraine rose. "We should ask ourselves if someone like Putin shouldn't have been part of the process much earlier, instead of holding off with talks until it's too late," he said. Adidas has a high exposure to the Russian market, where it operates over 1,000 stores. Its share price has taken a hit, falling 15 percent since the start of the year, at least partly on concern over the Crimea crisis. Eckhard Cordes, head of Germany's Committee on Eastern European Economic Relations, warned that some trade with Russia could shift to China if Europe turned its back on Russian gas. "Russia would find new sales markets in China if Europe limited its energy imports," he told Frankfurter Allgemeine Sonntagszeitung, adding such a development could not be in Europe's interest. Logistics group Deutsche Post DHL's Chief Executive Frank Appel told Die Welt he believed there were few viable alternatives to Europe's dependence on Russian gas, echoing comments Germany's Economy Minister Sigmar Gabriel made on Friday. "Since we don't have major sources of raw materials in Europe, we will always be dependent on others," Appel said. "And it seems questionable to me whether dependence on the Middle East or Venezuela would be better than that on Russia." ($1 = 0.7271 Euros) (Reporting by Maria Sheahan; Editing by Sophie Hares and Elaine Hardcastle)
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting
Is Louis going to be big brother someday? 👀
- LA Times
Moderna's COVID-19 vaccine does a significantly better job of preventing COVID-19 hospitalizations compared with Pfizer's shot.
- Rolling Stone
The lackluster attendance may be connected to conspiracy theories that the event was a "false flag" or "honeypot" for federal agents to entrap and arrest attendees
- Yahoo Finance
Almost one third of all working age men in America aren’t doing diddly-squat. They don’t have a job and they aren’t looking for one either. How do they live? What are they doing for money? To me, this is one of the great mysteries of our time.
- Washington Examiner
The cybersecurity lawyer indicted this week by a grand jury in special counsel John Durham's investigation could end up being the "fall guy" for Hillary Clinton's 2016 campaign, warned a top House Republican.
- Yahoo Life UK
While training to be a nurse, Lucy Sealey was verbally abused for requesting breaks to breastfeed her son - something she was well within her rights to do.
TikToker claims she picked up Brian Laundrie hitchhiking alone 4 days after Gabby Petito last made contact with her family
Miranda Baker said that Brian Laundrie reportedly offered to pay her and her boyfriend $200 for the 10-mile ride, which "was kind of weird."
- NBC Sports Chicago
Heres everything you need to know about NFL practice squads, from player salaries to rules and more.
- E! News
After a social media user commented on her see-through Met Gala look, Zoë Kravitz wasn’t afraid to let them know just how proud she is of her body. See the High Fidelity actress’ response.
From individual drinks to workout classes and laundry, passengers should avoid spending money on several things, according to a crew member.
- Country Living
She looks so good!! 😍
- Good Housekeeping
This is really big!
WASHINGTON (Reuters) -Police and media vastly outnumbered protesters around the U.S. Capitol on Saturday at a sparsely attended rally by supporters of the people who breached the building on Jan. 6, trying to overturn former President Donald Trump's election defeat. About 100 to 200 protesters showed up, some carrying the flags of the right-wing group Three Percenters over their shoulders. It was far fewer than the 700 people organizers had expected and the thousands who brought mayhem to the Capitol on Jan. 6.
Wrestler Tommy Dreamer Reportedly Suspended For Dark Side of the Ring Comments on Ric Flair Allegations
Wrestler Tommy Dreamer has reportedly been suspended indefinitely by Impact Wrestling following comments he made during Vice’s docuseries, Dark Side of the Ring. Pro Wrestling Insider reports that Dreamer was “asked to leave effective immediately” from this week’s taping in Tennessee after making statements that were “out of line” with the company’s core values. Impact […]
3 Zodiac Signs That Spend the Most Money1. LibraLibras truly live each day like it’s a final sale at a soon-to-be shuttered department store. Ruled by the beauty planet Venus, our delicate air sign friends are...
So much of the buzziest content coming to theaters and streaming services now is based on books as source material. Remember that trailer with Lady Gaga that everyone was talking about a few weeks ago? It’s the one where she makes the sign of the cross and fiendishly promises “Father, Son, and House of Gucci.” … The post Netflix subscribers are obsessed with this new and exciting dark fantasy movie appeared first on BGR.
- Miami Herald
Outspoken anti vaxxer and alt-right agitator Laura Loomer is feeling the effects of COVID-19.
The Ohio Republican's attack on Democrats got flipped back on him.
- NBC Sports
The first elimination race of the NASCAR Cup Series playoffs takes place Saturday at Bristol Motor Speedway. Here's what you need to know.
- Better Homes & Gardens
Your bed gathers all sorts of dirt, oil, and sweat while you sleep. Learn how often to wash bedsheets so you can sleep soundly on fresh bedding.