SOCHI, October 2. /TASS/. The European Union’s losses from the sanctions against Russia are estimated at about $100 billion, and Russia’s, at $20-25 billion, First Deputy Economic Development Minister, Alexey Likhachev, said on the sidelines of the International Investment Forum Sochi-2015.
He believes that Russia’s countermeasures have hit only the Western countries.
"We can see no direct damage (to Russia) from countersanctions, because farm produce providers from the blacklisted states are being smoothly substituted by their counterparts in third countries," Likhachev said.
Also, Russia’s food embargo allows for developing local production at a higher pace, Likhachev believes.
"And, of course, import substitution. We see a major upturn in Russia’s farming these days," he said.