A new study has found that sanctions imposed on Russia in the wake of its annexation of Crimea have cost Western countries $60 billion, with Europe most affected.

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Vladimir Putin
© Reuters/Scanpix

The study by French researchers showed that EU countries accounted for three-quarters of those export losses with products not targeted by sanctions most affected in what the researchers called “collateral damage”.

“From December 2013 to June 2015, the total export loss is $60.2 billion. The major part of this loss (82.2%) is accounted for by the products that are not targeted by the Russian counter-sanctions. The EU countries bear 76.7% of all trade loss,” said authors Matthieu Crozet and Julian Hinz at the CEPII research centre.

“The products that are targeted by the Russian embargo account for only a small fraction of the total loss. This suggests that most of the impact of the diplomatic conflict on exports can be considered as collateral damage,” said the CEPII researchers.

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