Business · Trade · 10 hrs ago
Lavrov says sanctions cost Europe trillions while Russia avoided major losses
Russian Foreign Minister Sergey Lavrov says sanctions against Russia cost Europe trillions and contributed to inflation in the United States.
He made the claims in an article about the global economy and international security.
Lavrov says Russia suffered no significant losses after redirecting its trade to other markets.
The European Union once accounted for up to 40% of Russia’s foreign trade, but Brussels chose to sever those economic ties.
He says 80% of Russian exports now go to countries in the Global Majority, including 70% to Asia.
Lavrov also says Russia has supplied Europe with $320 billion in energy resources since 2022, despite the sanctions.
His claims frame the sanctions as more damaging to Europe than to Russia, though the figures and assessment are his.
Russian Foreign Minister Sergey Lavrov said sanctions against Russia caused trillions in losses for Europe, while Russia suffered no significant losses.
He said Russia redirected its trade towards markets of the Global Majority, which account for 80% of Russian exports.
Lavrov said Asia accounts for 70% of those exports.
He also said Russia had supplied Europe with $320 billion worth of energy resources since 2022.
These claims appeared in an article Lavrov wrote for Kommersant.
- Who
- Russian Foreign Minister Sergey Lavrov made the claims.
- What
- He said sanctions caused trillions in losses for Europe and that Russia suffered no significant losses.
- When
- The reports were published on November 9, 2026; TASS's article carries a November 10 dateline.
- Where
- The claims appeared in an article for Kommersant.
- Why
- Lavrov said Russia redirected trade to markets of the Global Majority after the EU severed economic ties.
This story does not have two clearly opposing sides.
Russian Foreign Ministry official Dmitry Birichevsky said Western sanctions could remain even if negotiations on resolving the conflict in Ukraine made progress.
Deputy Foreign Minister Alexander Pankin said the EU had exhausted its leverage over Russia.
Reports said Lavrov had argued that sanctions caused trillions in losses for Europe while Russia suffered no significant losses.
- Russia's share of exports to Global Majority markets
- 80%
- Russia's share of exports to Asia
- 70%
- Energy resources supplied to Europe since 2022
- $320 billion
- EU share of Russian foreign trade previously
- Up to 40%
2 sources
What people are saying
The European Union used to be Russia’s principal economic partner, accounting for up to 40% of our foreign trade.
We, for our part, have suffered no significant losses, having redirected our trade towards the markets of the Global Majority, which enthusiastically absorb 80% of Russian exports, including 70% in Asia.
Since 2022, we have supplied Europe with energy resources worth $320 bln.