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EU to lose over 554 billion dollars due to sanctions on Russia

UE, sanciones, Rusia, pérdidas

EU to lose over 554 billion dollars due to sanctions on Russia

Moscow, Mar 18 (Prensa Latina) The Chamber of Commerce and Industry (CCI) of the Russian Federation on Friday stated that the European Union (EU) countries will lose at least 554 billion dollars due to the implementation of punitive measures against this nation.
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“Hot heads urge EU countries to sever any economic cooperation with Russia,” said CCI President Sergey Katyrin, who clarified that the considerable losses will be associated with the elimination of trade and the mutual withdrawal of investments.

According to Vladimir Padalko, Vice President of the CCI, in 2021, Russia’s trade with the EU bloc in terms of value increased 47 percent compared to 2020, an amount equivalent to 282 billion dollars.

In recent days, the national authorities approved a set of economic and financial measures to face the sanctions implemented against the Federation since the beginning of the military operation in Ukraine on February 24.

The United States, the United Kingdom, Canada, Japan and the European Union imposed more than 2,800 new sanctions on Russia, targeting key sectors such as trade, finance, energy, exports, aviation and space.

The restrictions included disconnecting partially Russian banks from the SWIFT international payment system, closing airspace to Russian planes, freezing the Central Bank’s foreign exchange reserves and banning oil purchases by Washington.

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