OREANDA-NEWS  By the end of 2024, the total losses of the European Union (EU) countries from a decrease in Russian natural gas supplies will reach the level of 1 trillion euros. This was stated by the head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev, his words are quoted by TASS.

By now, as he clarified, the damage to the EU from the reduction of gas imports from Russia is estimated at 700 billion euros. Thus, in the second half of 2024, losses will increase by another 300 billion.

Dmitriev explained such dynamics by a number of factors, including the need to purchase more expensive liquefied natural gas (LNG) and invest in similar capacities. In addition, the decrease in gas imports from Russia, he explained, led to an increase in industrial losses. In Germany, such damage is estimated at 3 percent of GDP annually, and in a number of other EU countries — at 6 percent.

Against the background of large-scale anti-Russian sanctions, the EU's trade turnover with Russia has quadrupled over the past 10 years and amounted to 17.8 billion euros in the first quarter of 2024. For comparison, in January-March 2014, the figure was estimated at 71.9 billion.

Thus, over the past 10 years, Russia's trade turnover with Europe has decreased by 54.1 billion. Trade with Malta suffered the most (a decrease of 74 times) and Luxembourg (45 times). In turn, with Germany, whose economy is the largest in the eurozone, Russia's trade turnover sank 8 times.