ST. PETERSBURG, June 5. /TASS/. Termination of Germany’s ties with Russia in the economy sphere has the dismal result, President Vladimir Putin said at the meeting with heads of international news agencies organized by TASS.

"You know better than I the result of the impact of this termination of our ties in the energy sphere on the German economy. The result is dismal. Many major businesses are looking where to land but not on the German territory - opening in the United States and opening in Asia. But business conditions are such that they are becoming non-competitive and this, by the way, may have grave consequences for the European economy on the whole," Putin said.