U.S. sanctions on Russia were intended to hurt the EU

Uprootedpalestinians's Blog

EU to lose €40bn as result of Russia sanctions in 2014


Economies across the European Union will lose about €40 billion this year, with the damage estimated to widen to €50 billion in 2015, Russia’s Foreign Minister Sergey Lavrov said, citing figures from the EU itself.

There are so far no exact figures for the damage incurred, but the European Union has made some preliminary estimates and said the damage could be as high as 40 billion euro this year, Sergey Lavrov said.

The Foreign Minister was addressing a group of business leaders at the Association of European Businesses, a Moscow-based lobby group which represents the interests of more than 600 European companies in Russia.

Lavrov called for sanctions against Russia, targeting state-owned companies as well as individuals, to be lifted. Then Russia would cancel the country’s one-year food ban against the EU, a penalty which could cost the…

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