Sanctions on Russia cost the west $60 billion
Almost 40 Western countries that supported sanctions against Russia in the last year and a half lost slightly more than $60 billion in profit, French experts calculated. This conclusion was made by experts from the French Research Center on International Economics (CEPII). The report, which was presented on Wednesday, July 6, covers the period from December 2013 to June 2015.
As noted in the study, the main losses (82.2%) did not happen because of the products that came under the ban as a result of Russian retaliatory sanctions. Instead, as the report suggests, the losses were caused by sanctions from the West. EU countries incurred the biggest profit losses-76.7%.
In monetary terms, the biggest losses were sustained by German suppliers – an average of $832 million per month. This, however, did not prevent the German economy from growing by 1.6% in 2014 and by 1.5% in 2015. This was followed by Ukraine, which received $450 million less per month, and then by the Netherlands and Poland, losing about $200 million on a monthly basis.
Western sanctions against Moscow were introduced after the annexation of Crimea by Russia and the beginning of military action in the east of Ukraine in 2014. They are supported by 28 EU member states and a number of other European countries outside the EU, as well as by the US, Canada, Japan and Australia.