Sanctions Cost Russia $6.3bn in 2018, Economy Ministry Says

The cost of economic sanctions and other trade restrictions imposed by other countries cost Russia $6.3 billion by late 2018, estimates of the Economic Development Ministry presented on Tuesday reveal, according to

These restrictions include anti-dumping duties, licensing, quotas, technical barriers, sanitary and phytosanitary measures and also economic sanctions.

Measures imposed by the European Union hurt Russia’s economy the most, the data reveals. The total damage is estimated at $2.4 billion. U.S. sanctions cost Russia nearly $1.17 billion, while losses from Ukraine’s restrictions amounted to $775 million, the ministry said in a press release.

The European Union ranks top in terms of the number of restrictions (25), while Ukraine imposed 22 different restrictions on Russia. India was in third place, while the United States came sixth with nine such measures, falling behind Belarus and Turkey. By the end of 2018, 62 countries imposed a total of 159 trade restrictions against Moscow.

The heaviest blow was dealt to Russia’s metallurgy industry, which lost more than $3.99 billion, the survey showed. The agricultural industry sustained damage to the tune of $1.1 billion and the chemical sector was the third hardest-hit industry in Russia, with losses estimated at around $640.7 million. The restrictions also inflicted significant damage to Russia’s automobile industry, which was estimated at $306 million, according to the Economic Development Ministry.

The United States and the European Union imposed sanctions on Russia in 2014, following the developments in Ukraine and Crimea’s reunification with Russia. The sanctions have been extended and expanded ever since.