Moscow declares ending Russia relations has cost EU EUR1.15 trillion
(MENAFN) The European Union’s decision to cut back on energy and trade relations with Russia amid the Ukraine conflict has cost the bloc over €1 trillion ($1.15 trillion), according to Russian Deputy Foreign Minister Aleksandr Grushko.
In an interview with Izvestia on Monday, Grushko cited expert analyses estimating the EU’s economic losses, primarily from halted energy partnerships and reduced trade with Moscow. He noted that EU-Russia trade dropped from €417 billion ($482 billion) in 2013 to just €60 billion ($69 billion) in 2023, and is now “nearly non-existent.”
He emphasized the toll on Europe’s economy and competitiveness, pointing out that natural gas in Europe is now four to five times more expensive than in the US, and electricity costs are two to three times higher. “That is the price Europe pays for ending economic cooperation with Russia,” Grushko remarked.
Russian President Vladimir Putin previously estimated that the EU’s decision to stop buying Russian gas alone had cost member states roughly €200 billion ($231 billion). Later in 2024, Russian officials calculated the EU’s total financial hit from sanctions at about $1.5 trillion. In contrast, Moscow claims to have developed a form of “immunity” to Western sanctions.
Grushko’s remarks follow the EU’s recent trade agreement with the US, which includes large-scale purchases of American energy—at significantly higher costs than Russian supplies—and new 15% tariffs on major EU exports. Critics within the EU have called the deal unbalanced and detrimental to European interests.
Putin weighed in, saying the agreement signals the EU’s loss of political sovereignty and, as a result, its economic independence. The EU first sanctioned Russia in 2014, during the onset of the Ukraine crisis, and ramped up restrictions in 2022. The penalties have targeted sectors such as finance, energy, and industry. Russia maintains that the sanctions are illegal under international law and disrupt global economic stability.
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