MOSCOW – The European Union has lost over 1 trillion euros as a result of terminating energy cooperation and broader trade relations with Russia, according to Russian Deputy Foreign Minister Alexander Grushko. Speaking to Izvestia, Grushko cited expert estimates that account for both the collapse of trade volumes and soaring energy costs across Europe.
“In 2013, our trade amounted to 417 billion euros. Last year, it fell to 60 billion euros, and now it’s practically approaching zero. This is lost profit,” Grushko said. He emphasized that the economic consequences of severing ties with Russia are far-reaching, not only in terms of lost revenue but also in the spike in energy costs.
Natural gas prices in Europe are now 4 to 5 times higher than in the United States, and electricity is 2 to 3 times more expensive, Grushko pointed out. “This is the price that Europe has to pay for curtailing all economic contacts with Russia,” he concluded, implying that the EU’s strategic shift away from Russian energy has come at a substantial economic cost.
