MOSCOW, December 10. /TASS/. Western sanctions imposed against Russia cost the Russian economy billion of dollars in losses, while the European economy lost €40 billion (almost $50 billion) this year and is likely to lose €50 billion ($62 billon) next year, Russian Prime Minister Dmitry Medvedev said on Wednesday.

“No one ever underestimated damages caused by the sanctions,” Medvedev said in an interview with leading Russian television channels. “Their cost for the economy totals billions of dollars.”

“Our economy probably lost tens of billion dollars,” Medvedev said. “The European economy, according to experts, fell short of €40 billion this year and is likely to fall short of €50 billion next year.”

“Therefore, sanctions are not beneficial for anyone, they are not necessary and will lead to nothing,” the Russian premier added.

Medvedev also pointed to some positive effects of the sanctions saying the sanctions gave a possibility to begin import substitution and create qualitative production. The prime minister added that Russia will fully give up unnecessary import in the mid-term.