They could exceed $400 billion in just one year, according to the Russian president
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The European Union’s sanctions against Moscow are the main cause of the trade bloc’s economic slowdown, Russian President Vladimir Putin said on Friday during his speech at the St. Petersburg International Economic Forum (SPIEF).
“Direct losses from the sanctions fever alone could exceed $400 billion in a year,” he said, adding that the costs will be shouldered by EU citizens.
According to Putin, the bloc will lose global competitiveness as a result of the sanctions for years to come. He pointed out that economic growth across the EU is slowing, with inflation hitting record highs.
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