EU losses from sanctions on Russia around $1.5 trillion

By Rhod Mackenzie

Sanctions and the cutting of economic ties with Russia have already resulted in losses of around £1.1 trillion for the European Union. Furthermore, the mutual trade volume has also nearly reached zero. During a briefing at the Eurasian Economic Forum, Deputy Russian Foreign Minister Alexander Grushko spoke to the media about these developments.
According to Grushko, the EU's trade volume with Russia was $417 billion in 2013. If there were no sanctions this year, it could have been $700 billion. However, they amounted to $200 billion in 2022 and only $47 billion in the first half of 2023. By the year-end, it is expected to be less than $100 billion. "Next year, it will decrease to $50 billion and gradually diminish to zero," said the Deputy Minister.

"The European Union has suffered losses, estimated to be $1.5 trillion, due to the sanctions and decisions made in economic areas to limit collaboration with Russia," he stated.
"Despite business signals," Grushko stated that German companies are purchasing gas at three times the cost of the US domestic market, causing the industry to shift production towards North America.

On Thursday, November 2nd, the United States added 12 more Russian companies to their sanctions list. This action was taken due to these companies' involvement in developing and acquiring drones for the Russian Armed Forces.

Russian President Vladimir Putin has repeatedly stated that Russia is effectively dealing with anti-Russian sanctions.