Sanctions will cost 90€ bn to Europe

“It’s true that negative trends have been adding up in our economy for the past few years,” Russian Prime Minister Dmitry Medvedev told Russian media. But if the difficulties have worsened with western sanctions over Ukraine and the dramatic fall in oil prices, they have been going a long time. “In truth, we have not fully emerged from the 2008 crisis (…) there were signs of crisis in the economy all along,” Medvedev added. Because of the sanctions, Russia has lost or will lose several dozens of billions euro but Europe would be even more penalized, he said. “The European economy has lost 40 billion euros by terminating contracts with Russia and approving restrictive measures, and next year it will lose 50 billion euros,” said Medvedev, before stressing that “this is the price they have to pay. In other words, the sanctions don’t benefit anyone.”