Russian Deputy Foreign Minister Alexander Grushko, during the Eurasian Economic Forum, said that the EU lost $1.5 trillion as a result of Russia’s sanctions.
According to Russian Deputy Foreign Minister Alexander Grushko, the European Union has lost almost $1.5 trillion overall as a result of the sanctions and the suspension of trade with Russia.
“The total losses of the European Union — these are the most conservative estimates — from the imposed sanctions and decisions made in economic areas to curtail cooperation with Russia amount to approximately $1.5 trillion,” Grushko told on the sidelines of the Eurasian Economic Forum.
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The minister stated that while trade between the EU and Russia was $417 billion in 2013, it could have been $700 billion this year if sanctions hadn’t been in place. However, in 2022, it was only $200 billion, and by the end of the year, it will only be less than $100 billion.
“Next year, [the trade] will be $50 billion, and then will tend to zero,” Grushko said.