Moscow: EU losses from Russian trade cut topped €1 trillion

The European Union has suffered losses exceeding €1 trillion as a result of ending energy cooperation and winding down trade with Russia, according to Russian Deputy Foreign Minister Alexander Grushko.

Speaking to the Russian newspaper, Grushko said estimates varied, but most experts now put the combined losses from the breakdown in energy ties and the collapse in trade at over € 1 trillion, Caliber.Az reports.

“In 2013, our trade volume stood at €417bn. Last year, it was €60 billion, and now it is effectively heading towards zero. This is lost revenue,” he said.

Grushko claimed the EU’s economic competitiveness has been eroded, with gas prices in the bloc four to five times higher than in the United States and electricity costs double or triple those across the Atlantic.

He also noted that the downturn in EU–Russia trade comes as former US president Donald Trump has imposed 15% tariffs on European goods.

Analysts said these measures could further depress the EU economy and “virtually wipe out” investment activity.

By Aghakazim Guliyev