Putin to Meet German Business Leaders Next Month Amid Ukraine Crisis

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] Amid the diplomatic conflicts between Russia, which is on the brink of war with Ukraine, and the West including Europe, German business leaders are scheduled to meet with Russian President Vladimir Putin in early next month, the Wall Street Journal (WSJ) reported on the 9th (local time).

According to the report, the "German Business Eastern Committee," which includes major companies such as German energy company Siemens, pharmaceutical company Bayer, and investment bank Deutsche Bank, plans to meet with President Putin in early next month.

Formed in 1952 to serve as a diplomatic and trade advisory body for the West German government, the committee currently represents the interests of German companies operating in Eastern European countries that were former members of the Warsaw Pact military alliance, including Russia, Ukraine, the Czech Republic, Poland, and Hungary.

Except for the COVID-19 pandemic situation last year, the committee holds annual meetings with President Putin every year. Even during the European sanctions following Russia's annexation of the Crimean Peninsula in 2014, the committee held talks with President Putin.

German companies are concerned that the escalating military tensions between the West and Russia could harm the European economy. Christian Bruch, CEO of Siemens Energy, said, "Military expansion will have economic consequences, and no one wants that," adding, "Resolving political conflicts should be the top priority."

Germany, whose economy depends on energy imports from Russia, has been criticized for its lukewarm response compared to other Western countries such as the United States, which has warned of harsh sanctions following the outbreak of the Ukraine crisis. In particular, Germany recently completed the Nord Stream 2 gas pipeline connecting Germany and Russia and is awaiting regulatory approval for its operation.

Because of this, some U.S. Republican and Democratic lawmakers have criticized Germany's stance as an act that hinders the response of the North Atlantic Treaty Organization (NATO).

On the other hand, Michael Hams, Executive Director of the committee, stated, "Germany is fulfilling all its obligations within NATO and the European Union (EU)," and added, "We are sending a signal to the Russian side that troop deployments do not help our economic relations and that all measures must be taken again to ease tensions."

This content was produced with the assistance of AI translation services.