The European Union (EU) faced significant economic setbacks due to its sanctions on Russia, with losses escalating since 2022, according to Vladislav Maslennikov, director of the Russian Foreign Ministry’s European department.
Speaking to Izvestia, Maslennikov highlighted on Monday the EU’s faltering GDP growth and declining exports to Russia as key indicators of the economic toll.
EU GDP growth fell from 3.4 per cent in 2022 to 0.4 per cent in 2023, with preliminary data suggesting only 0.9 per cent growth for 2024. Maslennikov estimated the bloc has lost hundreds of billions of euros since the sanctions were imposed.
Eurostat data further revealed that EU exports to Russia have dropped by €51 billion since 2022, with a €5 billion decline in the first half of 2024 compared to the same period last year. Maslennikov called the losses “huge and snowballing,” underscoring the impact of the ongoing sanctions.
Attribution: TASS
Subediting: Y.Yasser