Ruble/EU banknote
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The total losses of the European Union from the imposed sanctions and curtailment of economic relations with Russia amount to approximately $1.5 trillion, Russian Deputy Foreign Minister Alexander Grushko stated on Friday.

"The total losses of the European Union — these are the most conservative estimates — from the imposed sanctions and decisions made in economic areas to curtail cooperation with Russia amount to approximately $1.5 trillion," Grushko told on the sidelines of the Eurasian Economic Forum. In 2013, the volume of EU trade with Russia was $417 billion, in the absence of sanctions this year, it could have been $700 billion, but in 2022, it was $200 billion, the diplomat said, adding that in the first half of 2023, trade was $47 billion, and will be less than $100 billion by the end of the year.

"Next year, [the trade] will be $50 billion, and then will tend to zero," Grushko said.