The losses of EU have been estimated as €100 billion,[2] with Italy in particular losing over €1.25 billion.[84] The German business sector, with around 30,000 workplaces depending on trade with Russia, also reported being affected by the sanctions.[85] The sanctions had an impact on numerous European market sectors, including energy, agriculture,[86] and aviation.[87] In March 2016, the Finnish farmers' union MTK stated that the Russian sanctions and falling prices have put farmers under tremendous pressure. Finland's Natural Resources Institute LUKE has estimated that last year farmers saw their incomes shrink by 40 percent compared to the previous year.[88]
In February 2015, Exxon Mobil reported losing about $1 billion due to sanctions.[89]
Opposition within EuropeEdit
Italy, Hungary, Greece, France, Cyprus and Slovakia are among the EU states most skeptical about the sanctions and have called for review of sanctions.[91] The Hungarian Prime Minister Viktor Orbán stated that Europe "shot itself in the foot" by introducing economic sanctions.[92] Former Bulgarian Prime Minister Boiko Borisov stated, "I don't know how Russia is affected by the sanctions, but Bulgaria is affected severely";[93] Czech President Miloš Zeman[94][better source needed] and Slovakian Prime Minister Robert Fico[95] also said that the sanctions should be lifted.
The Greek Prime Minister Alexis Tsipras said that Greece would seek to mend ties between Russia and EU through European institutions. Tsipras also said that Greece was not in favour of Western sanctions imposed on Russia, adding that it risked the start of another Cold War.[96][97]
A number of business figures in France and Germany have opposed the sanctions.[98][99][100] The German Economy Minister Sigmar Gabriel said that the Ukrainian crisis should be resolved by dialogue rather than economic confrontation,[101] later adding that the reinforcement of anti-Russian sanctions will "provoke an even more dangerous situation… in Europe".[102]
Paolo Gentiloni, Italian Minister of Foreign Affairs, said that the sanctions "are not the solution to the conflict".[103] Some companies, most notably Siemens Gas Turbine Technologies LLC, were reported to attempt bypassing the sanctions and exporting power generation turbines to the annexed Crimea.[104]
In June 2017, Germany and Austria criticized the U.S .Senate over new sanctions against Russia that target the planned Nord Stream 2gas pipeline from Russia to Germany,[105][72] accusing the United States of threatening Europe's energy supplies (see also Russia in the European energy sector).[71] In a joint statement Austria's Chancellor Christian Kern and Germany's Foreign Minister Sigmar Gabriel said that "Europe's energy supply is a matter for Europe, and not for the United States of America."[106] They also said: "To threaten companies from Germany, Austria and other European states with penalties on the U.S. market if they participate in natural gas projects such as Nord Stream 2 with Russia or finance them introduces a completely new and very negative quality into European-American relations."