The total losses of the European Union from the imposed sanctions and curtailment of economic relations with Russia amount to approximately $1.5 trillion, Russian Deputy Foreign Minister Alexander Grushko stated on Friday.
"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.
In 2013, the volume of EU trade with Russia was $417 billion, in the absence of sanctions this year, it could have been $700 billion, but in 2022, it was $200 billion, the diplomat said, adding that in the first half of 2023, trade was $47 billion, and will be less than $100 billion by the end of the year.
"Next year, [the trade] will be $50 billion, and then will tend to zero," Grushko said.
In 2022, Russia launched its special military operation in Ukraine. Since then, the United States and its allies have imposed more than 15,000 sanctions on Russia. The restrictions target the country's exports of energy, food, and fertilizer, as well as its imports of high-tech products and various manufactured goods.