EU's break with Russian energy cost €3 trillion

Total economic losses for EU countries due to the refusal to buy Russian energy could amount to approximately 3 trillion euros ($3.4 trillion), the Russian Permanent Mission to the EU said.

"The total losses for European countries from the refusal to buy Russian energy, according to some estimates, amount to approximately 3 trillion euros," the mission told Russian newspaper.

European companies and ordinary citizens have fully felt the consequences of Brussels' policy of severing ties with Russia, it said. This has manifested itself in the form of sharp price hikes, high energy prices, declining living standards, and the closure and relocation of industrial enterprises outside the EU, Sputnik International reports.

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Russia has repeatedly stressed that the country would cope with the sanctions pressure that the West had begun to exert on Russia several years ago and continued to escalate. Russian President Vladimir Putin previously said that the policy of containing and weakening Russia was a long-term Western strategy, and that sanctions had dealt a serious blow to the entire global economy.