According to the Chamber of Commerce and Industry (CCI) of the Russian Federation, appointed on Friday, as the Russian government and individuals continue to be sanctioned with severe measures, the European Union faces a potential loss of at least 554 billion dollars.
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“Hotheads urge EU countries to sever any economic cooperation with Russia,” stated the President of the CCI, Sergey Katyrin, explaining that losses will be directly proportional to the elimination of trade and the mutual withdrawal of investments.
Vice President of the CCI, Vladimir Padalko, disclosed that by 2021, the value of trade between Russia and the EU rose by 47 percent in comparison to 2020, which represents approximately 282 billion dollars.
Russian authorities have approved a package of economic and financial measures in previous days, intended to deal with the sanctions implemented against the Federation since the beginning of the military operation in Ukraine on February 24.
Since last February 24, the U.S., the EU, UK, Canada, Japan have imposed more than 2 800 sanctions on Moscow, which have been affecting key sectors such as trade, finance, energy, exports, aviation, and space.
Disconnecting partially Russian banks from the SWIFT international payment system, closing airspace to Russian planes, freezing the Central Bank’s foreign exchange reserves, and banning oil purchases, are among the measures taken against Russia.