Lavrov says Europe has suffered trillion-dollar losses from sanctions against Russia

Russian Foreign Minister Sergey Lavrov, in an interview with Kommersant, estimated the damage to European economies from sanctions in the trillions and said that Russia has suffered no significant losses, having reoriented its exports toward the markets of the world majority. Earlier, Deputy Foreign Minister Alexander Pankin said Moscow does not expect the restrictions to be lifted soon.

Aziz KarimovFirst published on tafs uz 10 November 2026 at 02:592 min read

The key facts

Lavrov: sanctions cost Europe trillions, caused inflation in the US and protest sentiment in the EU
Before 2022, the EU accounted for up to 40% of Russia's foreign trade
Moscow, according to the minister, redirected 80% of exports to the markets of the world majority, 70% to Asia

Assessing the damage from sanctions

Russian Foreign Minister Sergey Lavrov said that Western sanctions harm not so much the Russian economy as the European one: in his assessment, they have caused 'trillion-dollar losses for Europe,' rising inflation in the US and a decline in living standards in many countries, which, in his words, explains the surge in protest sentiment in the European Union. The statement was made in an interview with the newspaper Kommersant, which was cited by Life.ru. 'It is no coincidence that Brussels does not publicize the data on what Russophobia has cost European economies,' the outlet quotes the minister as saying.

Reorienting trade

Lavrov recalled that before relations with the West deteriorated, the European Union was Russia's largest trading partner, accounting for up to 40% of its foreign trade. Then, according to the minister, Brussels severed these ties, even in defiance of obligations under long-term contracts, openly stating that its goal was to 'punish' Russia. At the same time, he claimed, the Russian side suffered no significant losses: exports were redirected to the markets of the world majority, which take in 80% of Russian exports, including 70% in Asia.

Context: Moscow does not expect the restrictions to be lifted

The minister's statement is consistent with the position previously voiced by Deputy Foreign Minister Alexander Pankin: Moscow does not expect the Western sanctions to be lifted any time soon and proceeds from the assumption that EU and US restrictions will remain in place for a long time. According to Pankin, there are no signs yet that Brussels or Washington is ready to revise its sanctions policy, so Russia will continue developing trade relations with other countries while taking the existing restrictions into account. It should be noted that the damage estimates and export shares cited above come from Russian officials; no independent data on the scale of losses to European economies is provided in the publications.