EU lost €1 trillion by cutting Russia ties
In an interview with Izvestia on Monday, Grushko said the figure is based on various expert estimates of the economic consequences of the EU's decision to impose unprecedented sanctions on Russia, adding that it accounts for lost profits from energy and trade cooperation.
According to Grushko, trade between the EU and Russia dropped from €417 billion ($482 billion) in 2013 to €60 billion ($69 billion) in 2023 and is now 'approaching zero.' He added that Europe's economy has subsequently taken a hit and is losing competitiveness.
'Natural gas in Europe is four to five times more expensive than in the US, and electricity is two to three times higher,' he said. 'That is the price Europe has to pay for ending all economic contacts with Russia.'
In June, Russian President Vladimir Putin said that EU countries had lost around €200 billion ($231 billion) by refusing Russian gas supplies. In late 2024, Russian officials also estimated that total EU losses tied to sanctions against Russia had reached $1.5 trillion. Meanwhile, Moscow has said it has acquired a 'certain immunity' to Western sanctions.
Grushko's comments come after the EU agreed a trade deal with the US, which commits the bloc to purchasing large volumes of American energy – which Moscow says will come at a much steeper cost than that provided by Russia – and imposes 15% tariffs on key EU exports. Numerous EU politicians have described the agreement as lopsided and damaging to the bloc's interests.
Commenting on the US-EU deal, Putin claimed that the EU had essentially lost its political sovereignty, and that this directly leads to losing economic independence.
The EU began imposing sanctions on Russia in 2014, following the start of the Ukraine crisis, and expanded them drastically in 2022. Measures have targeted banking, energy exports, and other industries. Moscow considers the sanctions illegal, saying they violate international trade rules and harm global economic stability.
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