SAMARKAND, November 3. /TASS/. The European Union lost approximately $1.5 trillion as a result of economic sanctions imposed on Russia, Russian Deputy Foreign Minister Alexander Grushko said.

"The total losses of the European Union - these are the most conservative estimates - from the imposed sanctions and decisions made in the economic field to curtail cooperation with Russia amount to approximately $1.5 trillion," he added.

Grushko also highlighted that trade between Russia and the European Union was $417 bln in 2013. "If we look at the growth dynamics of this trade, then this year it could amount to approximately 700 bln euro. In 2022, after the introduction of sanctions it was approximately 200 bln [euro], in the first six months of 2023 it was 46 bln[euro]. That is, by the end of the year it will be less than 100 [bln euro]," he said.

According to the Deputy Foreign Minister, trade turnover between Russia and the EU could fall to 50 bln euro next year and then could even reach zero at some point.