Western countries are experiencing loses of up to €40 billion as the sanctions imposed by them on Russia impede productive cooperation, claims Aleksey Pushkov, Chairman of Russian State Duma Committee on Foreign Affairs.
The EU has lost €21 billion from the sanctions, said Pushkov at parliamentary hearings on Monday citing the Spanish foreign minister. According to Japanese economists’ estimates the figure could be as much as €30 billion, he added.
“The estimates of a number of European experts show that it’s €40 billion,” he added. “The overall loss of European farmers from the Russian food embargo was €12 billion in 2014.”
The purchase of industrial products and transport equipment fell drastically, said Pushkov. According to him Germany has suffered the most, losing 8.6 percent in sales, which is around $850 million. He added that serious damage was been caused to the Spanish economy with 40 percent reduction in Russian tourists.