ST. PETERSBURG: The overall European economy’s losses from the reduction of Russian natural gas supplies have already exceeded 1 trillion eu...
ST. PETERSBURG: The overall European economy’s losses from the reduction of Russian natural gas supplies have already exceeded 1 trillion euros (over $1,145 trillion), Chief Executive Officer of Russian Direct Investment Fund (RDIF), Special Representative of Russian President for investment and economic cooperation Kirill Dmitriev said.
"This is definitely more than one trillion of Euros [some $1,145 trillion]; this is important because we have a figure for the European Union," Dmitriev said speaking at the sidelines of the 2025 St. Petersburg International Economic Forum (SPIEF) in response to a question about EU’s estimated losses regarding the cuts in Russia’s natural gas supplies.
He added that at the same time the US losses from imposed sanctions against Russia exceeded $300 billion.
"It is remarkable that [US] President [Donald] Trump mentioned it a couple of days ago, this is the first recognition from the United States that sanctions are harming American business," Dmitriev said.
"This is a landmark event, and we will carry on with making such assessments," he added.
The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.
The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.
The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.
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