Russian Deputy FM Says EU Incurred €1.5-2 Trillion Losses from Sanctions on Moscow

Russian Deputy Foreign Minister Alexander Grushko stated that the European Union has suffered losses amounting to between €1.5 trillion and €2 trillion from sanctions imposed on Moscow.

Grushko made the remarks in an interview with Izvestia, specifying that the figure includes both direct losses and lost profits for the bloc. He indicated that Russia would evaluate responses to any new EU restrictions, prioritizing the effectiveness of its own sanctions over retaliation.

The comments come as the EU has proposed its 20th sanctions package against Russia since Moscow's invasion of Ukraine. The latest measures would impose a full ban on maritime services for Russian oil exports.

Russia relies on Western tankers, many based in EU countries such as Greece, Cyprus and Malta, to export more than one-third of its oil, primarily to India and China.

The EU has progressively broadened its sanctions since the start of the war, targeting Russia's energy, finance and shipping sectors. Approval of any new package requires consensus among all 27 EU member states, which can involve extended negotiations.

Grushko's statements underscore the ongoing economic tensions between Russia and the EU as both prepare for potential additional measures.