LONDON (Sputnik) — The United Kingdom has lost $10 billion in revenues in 2015 due to sanctions against Russia and Moscow's response measures, the Russian Embassy in London said Wednesday.
"As for the total trade volume, just last year it decreased by almost 50 percent compared to 2014, and the loss of revenue amounted to around $10 billion, according to our estimates," embassy spokesman Konstantin Shlykov told reporters.
Relations between Russia and the West deteriorated in 2014 after Brussels and Washington accused Moscow of fomenting violence in neighboring Ukraine. The West has imposed several rounds of sanctions against Russia as a result of these allegations.
In summer 2014, the West imposed a range of sectoral sanctions on Russia's energy, banking and defense industries, which were prolonged until July 2016.
In December 2014, the European Union imposed sanctions on Crimea's economy and tourism sector for its reunification with Russia. In particular, EU leaders banned all European investment in Crimea and the city of Sevastopol. The United States followed with a similar ban, prohibiting the export of goods, technology, or services to and from Crimea. These sanctions are expected to expire in June 2016.
Russia announced a one-year food embargo in August 2014 on products originating in states that imposed sanctions against it, extending the ban into another year.
Extending the EU economic sanctions is likely to be on the EU leaders summit agenda scheduled for June 28-29. A number of European states support the removal of the sanctions against Russia.