ISTANBUL
Russia's presidential envoy for international economic cooperation, Kirill Dmitriev, stated on Monday that the European Union’s losses from energy restrictions on Moscow could exceed €3 trillion ($3.48 trillion) by the end of 2026.
Dmitriev, also head of the Russian Direct Investment Fund, called the EU’s measures a "wrong decision" that has already "backfired," causing economic losses exceeding €1.5 trillion ($1.74 trillion).
"As EU gas prices have risen by roughly 100%, total losses could surpass €3 trillion by year-end, triggering deindustrialization and economic collapse," he wrote on the US social media platform X.
He added that the losses amount to about €6,660 .($7,725) per EU citizen, emphasizing the broader impact as "the emerging collapse of the EU economy and competitiveness."
In January, EU countries agreed to ban Russian gas imports, which had supplied more than 40% of the bloc’s gas before 2022. Under the agreement, the EU will halt Russian liquefied natural gas imports by the end of 2026 and pipeline gas imports by Sept. 30, 2027.
The ban on short-term LNG purchases is set to take effect April 25.