Lavrov Says Sanctions Caused Trillions in Losses for Europe While Russia Redirected Trade to Asia

Moscow, The Gulf Observer: Russian Foreign Minister Sergey Lavrov has said that Western sanctions against Russia have caused trillions in losses for Europe and fuelled inflation in the United States, while Russia has suffered no significant losses. He made the remarks in an article titled “The Impact of Global Economy on International Security,” published in the Russian newspaper Kommersant.

In the article, Lavrov described the sanctions as illegitimate and said they had done less damage to Russia than to the economies that imposed them.

Lavrov on Sanctions and the European Union

Lavrov recalled that the European Union was once Russia’s principal economic partner, accounting for up to 40 per cent of the country’s foreign trade. He said Brussels decided to sever these ties in breach of EU member states’ obligations under long-term contracts with Russia, declaring that the priority of European elites was to “punish” Russia.

According to the Russian Foreign Minister, the sanctions have inflicted losses running into trillions on Europe, fuelled inflation in the United States and reduced living standards in many countries, which he linked to a surge in protest sentiment across the European Union. He added that Brussels “keeps quiet about the cost of Russophobia to European economies.”

Russia Redirects Trade to the Global Majority

Lavrov said Russia had suffered no significant losses, having redirected its trade towards the markets of what he called the Global Majority. He stated that these markets now absorb 80 per cent of Russian exports, including 70 per cent in Asia.

Russia Presents Itself as a Reliable Supplier

The minister described Russia as a responsible and reliable supplier of hydrocarbons, food, fertiliser and, more recently, digital technologies. He said that, unlike its opponents, Russia does not use the economy to settle geopolitical scores or engage in positional battles with competitors.

Lavrov noted that since 2022, Russia has supplied Europe with energy resources worth $320 billion.

The article reflects Moscow’s continued position that Western sanctions have failed to isolate the Russian economy, as the country deepens its economic engagement with Asia and other non-Western markets. European officials, for their part, have maintained that the sanctions are a necessary response to Russia’s actions in Ukraine.