Deputy Foreign Minister of the Russian Federation Alexander Grushko said that economic restrictions and interruption of ties with Russia cost the European Union no less than $1.5 trillion. He expressed this opinion during the Eurasian Economic Forum, RIA Novosti reports. According to him, last year the volume of trade between the EU and Russia amounted to $417 billion, but without sanctions this year this figure could reach $700 billion.
However, in 2022 the volume of trade between the EU and Russia amounted to $200 billion, and in the first half of 2023 – already $47 billion. According to Grushko, next year the volume of trade between the EU and Russia will amount to $50 billion, and in the future it will tend to zero.
Grushko emphasized that the total economic damage suffered by the European Union as a result of sanctions and restrictions on cooperation with Russia is estimated at approximately $1.5 trillion, and these are minimal estimates.
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