MOSCOW, July 28. /TASS/. Termination of trade relations between Russia and the European Union in the current conditions will entail a loss of no more than 2% of the national GDP, experts of the Gaidar Institute told TASS.

President of the European Commission Ursula von der Leyen said earlier after talks with the US President in Scotland that she promised the US leader to completely substitute Russian oil and gas by US liquefied natural gas for the US tariffs cut from 30% to 15%.

"The trade volume with the EU was about 68 bln euro in 2024, with imports from Russia accounted for 32 bln euro. This is not too much as compared to the Russian GDP of $2 trillion. Therefore, termination of trade with the EU may only lead to a loss of no more than 2% of the Russian GDP in the current environment," expert of the Economic Policy Fund Vladimir Sedalishchev said.

Europe was consistently withdrawing from becoming the key selling market for Russian energy resources, Dmitry Kuznetsov from the Gaidar Institute said. "Certainly, the remaining trade flows would benefit both Russia and the EU but current volumes do not give grounds to expect macro economically significant element of the complete abandonment either for the Russian economy or, furthermore, for the EU economy," the expert noted.

It will hardly be possible to substitute pipe gas supplies by other selling destinations - these volumes may be considered lost with the high degree of confidence, he said. "Liquefied natural gas and crude oil may be sold to other buyers, probably, with some discounts. That is, losses for Russia can be estimated at $10 bln annually, and Russian pipe gas exporter Gazprom will again be mainly affected, which may loss about one fifth of its exports. This not a very significant figure for the scale of Russian exports of about $430 bln, and furthermore so for the scale of the Russian economy," Kuznetsov added.