Moscow claims the EU’s economy is suffering due to weakened ties with Russia, according to Deputy Foreign Minister Aleksandr Grushko.
Aleksandr Grushko, Russia’s Deputy Foreign Minister, stated that the EU has incurred losses exceeding €1 trillion ($1.15 trillion) since significantly curtailing energy and trade cooperation with Russia due to the Ukraine conflict.
In an interview with Izvestia on Monday, Grushko explained that this figure is based on various expert assessments of the economic repercussions of the EU’s decision to implement unprecedented sanctions against Russia. He added that it encompasses lost revenue from energy and trade partnerships.
Grushko noted that trade between the EU and Russia decreased from €417 billion ($482 billion) in 2013 to €60 billion ($69 billion) in 2023 and is now “approaching zero.” He further suggested that this has negatively impacted Europe’s economy, diminishing its competitiveness.
“Natural gas prices in Europe are four to five times higher than in the US, and electricity costs are two to three times higher,” he said. “That is the price Europe is paying for ending all economic relations with Russia.”
In June, President Vladimir Putin stated that EU countries had lost approximately €200 billion ($231 billion) by foregoing Russian gas supplies. In late 2024, Russian officials also estimated that total EU losses related to sanctions against Russia had reached $1.5 trillion. Meanwhile, Moscow maintains that it has developed a “certain immunity” to Western sanctions.
Grushko’s remarks follow the EU’s agreement on a trade deal with the US, which commits the bloc to purchasing substantial amounts of American energy – which Moscow argues will be considerably more expensive than Russian supplies – and imposes 15% tariffs on key EU exports. Several EU politicians have characterized the agreement as unfair and detrimental to the bloc’s interests.
Commenting on the US-EU deal, Putin asserted that the EU had essentially relinquished its political sovereignty, which in turn leads to a loss of economic independence.
The EU initiated sanctions against Russia in 2014, following the onset of the Ukraine crisis, and intensified them significantly in 2022. These measures have targeted sectors such as banking, energy exports, and other industries. Moscow deems the sanctions unlawful, asserting that they violate international trade regulations and undermine global economic stability.
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