By SCM Reporter
THE European Union has shot itself in the foot to the tune of a massive €2 TRILLION, according to a top Russian official.
Alexander Grushko, Russia’s Deputy Foreign Minister, claims the West’s attempt to cripple the Kremlin has instead unleashed an economic “boomerang” that is battering families from Berlin to Birmingham.
As the war in Ukraine continues, Grushko suggests the EU’s decision to sever ties with its primary energy supplier has triggered a financial catastrophe.
He estimates the total losses from sanctions now sit between €1.5 trillion and €2 trillion ($2.1 trillion).
The fallout isn’t just on paper; it’s hitting the pockets of ordinary citizens.
The Deputy FM highlighted how the sanctions regime has caused a “spike” in:
Energy Bills: Gas and electricity prices reaching record highs.
Food Costs: Supply chain disruptions sending supermarket prices through the roof.
Standard of Living: A general decline in purchasing power across Europe and the US.
In a stinging jab at Brussels, Grushko mocked the idea of further energy bans. In a sarcastic swipe at the EU’s strategy, he suggested that if they simply banned all Russian fuel, their losses would “basically hit zero”—implying that the European economy would be so totally destroyed there would be nothing left to lose.
While Western leaders insist the sanctions are necessary to drain Vladimir Putin’s war chest, the Kremlin remains defiant, insisting that Europe is the one truly feeling the pinch.
Background: The Sanctions War
Since the invasion of Ukraine in February 2022, the EU and the UK have unleashed a “scorched earth” economic policy against Russia. This included:
The Oil Embargo: Phasing out Russian crude oil and refined products.
Banking Bans: Removing Russian banks from the SWIFT payment system.
Asset Freezes: Seizing billions in oligarch assets and central bank reserves.
While the sanctions have undoubtedly pressured the Russian economy, the reliance on Russian gas—particularly in industrial giants like Germany—has led to a massive energy deficit.
This has forced European governments to spend hundreds of billions in subsidies to keep businesses afloat and homes warm, leading to the eye-watering “loss” figures claimed by Grushko today.
