EU losses from termination of cooperation with Russia exceed 1 trln euros

Russian Deputy Foreign Minister Alexander Grushko said that the EU losses from termination of energy cooperation and trade with Russia exceed 1 trillion euros.

According to him, the total amounts to as much as more than a trillion euros taking into account losses from termination of energy cooperation with Russia, from the curtailment of trade.

"In 2013, our trade was worth 417 bln euros, last year it equaled 60 bln euros, now it is practically approaching zero," Grushko said.

The deputy FM noted that the cost of natural gas in Europe is 4-5 times higher than in the U.S. while electricity is 2-3 times more expensive.

"This is the price that Europe has to pay for curtailing all economic contacts with Russia," Grushko said.