Russian Deputy FM states EU lost one trillion dollars after cutting ties with Russia
(MENAFN) The EU’s decision to cut energy and trade ties with Russia over the Ukraine conflict has reportedly cost the bloc over €1 trillion ($1.15 trillion), according to Russian Deputy Foreign Minister Aleksandr Grushko. In an interview with Izvestia, Grushko attributed this figure to lost profits from diminished energy and trade cooperation between the EU and Russia.
He noted that trade between the EU and Russia plummeted from €417 billion ($482 billion) in 2013 to just €60 billion ($69 billion) in 2023, now nearing zero. This sharp decline has negatively impacted Europe’s economy and reduced its global competitiveness.
Grushko highlighted that natural gas prices in Europe are currently four to five times higher than in the US, while electricity costs are two to three times higher, calling these the “price Europe has to pay” for severing economic ties with Russia.
Earlier, Russian President Vladimir Putin estimated that EU countries lost around €200 billion ($231 billion) just from refusing Russian gas supplies. By late 2024, Russian officials claimed total EU losses from sanctions on Russia reached $1.5 trillion. Meanwhile, Moscow asserts it has developed a “certain immunity” to Western sanctions.
Grushko’s remarks come shortly after the EU struck a trade deal with the US, committing to large purchases of American energy—deemed more expensive by Moscow—and accepting 15% tariffs on key EU exports. Many EU politicians have criticized the deal as heavily skewed against the bloc’s interests.
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