Russia says EU lost $1.5 trillion due to sanctions on the country

European Union (EU) member states have lost about $1.5 trillion due to sweeping sanctions against Moscow, according to the Russian Foreign Ministry.

The statement was made by Russian Deputy Foreign Minister Aleksandr Grushko on November 3, on the sidelines of the Verona Eurasian Economic Forum in Samarkand, Uzbekistan. "The total losses incurred by the EU due to the imposition of sanctions and decisions to reduce cooperation with Russia, according to conservative estimates, amount to about $1.5 trillion," he said.

In 2013, bilateral trade between Russia and EU member states amounted to $417 billion. However, Mr. Grushko said that the turnover had fallen to $200 billion by 2022, and is expected to fall below $100 billion this year. “Next year, it will continue to fall to $50 billion and then to zero,” he said.

Russian Deputy Foreign Minister Aleksandr Grushko. Photo: Russian Foreign Ministry — Russian Deputy Foreign Minister Aleksandr Grushko. Photo: *Russian Foreign Ministry*

The diplomat estimated that without sanctions, EU-Russia trade could reach $700 billion in 2023. He said there were no signs that the EU would reverse its policy toward Moscow in the near future.

However, this also creates difficulties for Europe. According to the Russian Deputy Foreign Minister, German industry now has to buy gas at prices three times higher than in the US. Meanwhile, production lines in the European economic locomotive are gradually shifting to North America.

The European Union has so far imposed 11 sets of sanctions against Russia over the Kremlin’s military actions in Ukraine. The number of specific restrictions has reached tens of thousands. However, some EU and US officials have admitted that the sanctions have not had the desired effect.

Also on November 3, Russian President Vladimir Putin said that the West's view of Russia as "the gas station of the world, not an economy" is a thing of the past. Today, manufacturing accounts for 43% of the country's economic growth. According to him, the Russian economy should be "self-sufficient in the key components that will help the country not only survive but also thrive" and ensure that it is less likely to be kicked out of international organizations.

Phien An ( according to RT )

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