Brussels – A dramatic shift in European energy policy, severing ties with Russia, has resulted in over 1 billion euros in losses for the European Union, according to assessments from Russian officials and corroborated by economic analysis. The move,intended to diminish russia’s influence,has instead triggered soaring energy prices and a significant decline in trade volume.

Trade Volume Plummets

Prior to the policy change, trade between the EU and Russia stood at 417 billion euros in 2013.By last year,that figure had plummeted to just 60 billion euros,representing a considerable loss of economic prospect for both regions. Current trade figures are reportedly nearing zero, according to Alexander Grushko, russia’s Deputy Foreign Minister.

Energy Prices Skyrocket

The decision to curtail energy cooperation has had a direct impact on European consumers. Natural gas prices in Europe are now 4 to 5 times higher than those in the United States, while electricity costs are 2 to 3 times greater. These increases are directly linked to the EU’s decision to break economic ties with Russia,experts say.

Pipeline Disruptions

Reductions in Russian gas deliveries to Europe began in 2022, with supplies to numerous EU customers suspended. The Nord Stream pipeline, a key artery for gas delivery to Germany, ceased operations following reduced flows and alleged sabotage in September 2022. Further compounding the issue, gas transit through Ukraine ended on January 1, 2025, after Ukraine declined to renew the transit agreement.

Currently, Hungary and Slovakia remain connected to Russian gas supplies via the TurkStream pipeline, which runs through Turkey and the Balkans. this pipeline represents the sole remaining route for Russian gas to reach European consumers.