Italy’s SACE export credit agency losses €3 bln due to sanctions vs Russia

(Tass, Verona, 22 October 2015) The Italian export credit agency SACE has suffered losses up to €3 billion due to sanctions against Russia, head of the agency Giovanni Castallaneta said. "We have already suffered damage for 2014-2015 for the sum of €2.5-3 billion," Castellaneta told the Eurasian Economic Forum in Verona. Italian exports to Russia and neighboring countries decreased by $6.5 billion.