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EU Lost Up to $1T After Rejecting Russian Raw Materials: Russia's Foreign Ministry
EU Lost Up to $1T After Rejecting Russian Raw Materials: Russia's Foreign Ministry
Sputnik India
The European Union has already lost up to $1 trillion after rejecting Russian raw materials and hydrocarbons, Dmitry Birichevsky, Director of the Russian... 21.05.2026, Sputnik India
2026-05-21T09:22+0530
2026-05-21T09:22+0530
2026-05-21T12:18+0530
business & economy
vladimir putin
russia
european union (eu)
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"They have already lost a lot. 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," Birichevsky said. 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 said he would instruct the government and businesses to address the issue. Russia previously said the West had made a serious mistake by refusing to buy hydrocarbons from Russia; it would get into a new, stronger dependence due to higher prices, while those who refused still buy through intermediaries at higher prices and would continue to buy Russian oil and gas.
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EU Lost Up to $1T After Rejecting Russian Raw Materials: Russia's Foreign Ministry
09:22 21.05.2026 (Updated: 12:18 21.05.2026) The European Union has already lost up to $1 trillion after rejecting Russian raw materials and hydrocarbons, Dmitry Birichevsky, Director of the Russian Foreign Ministry's Department of Economic Cooperation, told Sputnik.
"They have already lost a lot. 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," Birichevsky said.
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 said he would instruct the government and businesses to address the issue.
Russia previously said the West had made a serious mistake by refusing to buy hydrocarbons from Russia; it would get into a new, stronger dependence due to higher prices, while those who refused still buy through intermediaries at higher prices and would continue to buy Russian oil and gas.
