Due of anti-Russia sanctions, Italy’s economy is suffering €3.5 billion (US$4 billion) in losses annually, according to the Vice President of Association of Italian Entrepreneurs, Vittorio Torrembini.

Italy used to export €11 billion (US$12.5 billion) worth of goods to Russia every year, but currently it exports approximately €7.5 billion (US$8.5), Torrembini said in an interview with RIA Novosti.

According to Torrembini, losses in the agricultural sector haven’t been that significant, but cuts in export of equipment for oil and gas production, processing industries, metalwork have done enough damage.

“Machine tools for oil and gas equipment were sanctioned; and other difficulties derived from the overall economic situation with exchange rate fluctuation, the West refusing to give loans,” he said. “It was very difficult for us.”

Torrembini noted that Italians traditionally don’t just leave during crises.

“We already had other critical moments before. But our entrepreneurs, companies believe in the future of Russia, that’s why they stayed. Of course, they had to tighten their belts, but not a single company closed business in Russia,” he stressed.

“More Italian companies are starting to plan local manufacturing content in Russia. Around 80 of our companies already have successful businesses in Russia…”, Torrembini added.

He noted that economic situation in Russia has been improving lately.

“There may be issues with fast moving consumer goods or construction materials. As for equipment, there has been improvement. For instance, in equipment for the production of construction supplies, processing, agro-industry, and other types of equipment,” Torrembini said. “Import phase-out policy provoked great demand for Italian equipment. These important industry sectors are seeing improvement”.