Moscow Addresses EU's Reduced Ties with Russia

(MENAFN) The European Union’s choice to scale back its energy and commercial engagement with Moscow due to the conflict in Ukraine has resulted in financial damages exceeding €1 trillion (approximately $1.15 trillion), according to Russian Deputy Foreign Minister Aleksandr Grushko.

In an interview published on Monday by a news outlet, Grushko stated that the estimate stems from several expert analyses concerning the financial impact of the EU’s sweeping sanctions on Russia.

He emphasized that the amount includes unrealized gains from both trade and energy collaboration.

Grushko highlighted a drastic decline in trade volume between the EU and Russia, noting it plummeted from €417 billion (about $482 billion) in 2013 to €60 billion (approximately $69 billion) in 2023.

He pointed out that economic interactions are now “approaching zero,” leading to a notable downturn in Europe’s economic performance and a loss in global competitiveness.

“Natural gas in Europe is four to five times more expensive than in the US, and electricity is two to three times higher,” he remarked.

“That is the price Europe has to pay for ending all economic contacts with Russia.”

In June, Russian President Vladimir Putin asserted that the discontinuation of Russian gas imports had cost EU nations nearly €200 billion (roughly $231 billion).

By the end of 2024, Russian authorities had estimated the total financial toll of EU sanctions against Russia to have reached $1.5 trillion.

Meanwhile, Moscow has claimed it has developed a “certain immunity” to punitive measures from the West.

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