EU losses from imposing sanctions on Russia reach $1.5 trillion

By Rhod Mackenzie

The European Union (EU) has assessed the losses incurred from the sanctions imposed against Russia. According to a report by RIA Novosti on December 18, European countries overpaid €185 billionjust for gas alone. The total loss in the Old World, where calls to reverse the sanctions are increasingly heard, was almost $1.5 trillion.

The report notes that the idea of switching to alternative gas suppliers turned out to be very costly for the EU. According to Eurostat data provided on MSM.com, the average monthly cost of imports has increased to €15.2 billion. This increase is due to the cost of liquefied natural gas, which accounts for €7.7 billion, and pipeline gas, which accounts for €7.5 billion. The previous price was €5.9 billion, with €3.6 billion for pipelines and €2.3 billion for liquefied gas.

As a result, losses over two years amounted to €304 billion, with an overpayment of €185 billion. The winners from the sanctions were the USA and Great Britain, which earned €53 billion and €27 billion respectively.

On December 10, economist Vasily Koltashov commented to Izvestia that German Chancellor Olaf Scholz held Russia responsible for stopping gas supplies to the European Union (EU). Koltashov suggested that Scholz's accusation was an attempt to deflect from Germany's own capitulation to the United States. He also noted that Germany committed economic suicide by refusing Russian gas.

On October 21, Steffen Kotre, a member of the parliamentary committee on energy and climate protection and a Bundestag deputy from the Alternative for Germany faction, stated that current gas supplies are much more expensive for Germany than when they were purchasing Russian fuel. According to Kotre, Germany is now overpaying “three to four times” more for supplies, plus the gas extracted by fracking from the United States does not comply with Germany's environmental standards.

On October 11, at the plenary session of the Russian Energy Week, Russian President Vladimir Putin stated that European countries cannot fully function without Russian gas. However, the Russian side has found alternative markets for exporting energy resources.
In light of Russia's military operation to protect Donbass, Western countries have opted to decrease their reliance on Russian energy resources. This decision was made to ensure greater energy security and independence. Unfortunately, this has resulted in a severe energy crisis in several European nations.