Cairo, Egypt – The Russian Foreign Ministry asserted that the European Union’s decision to abandon Russian energy resources has cost the continent a heavy price. European companies are now paying two to three times more for electricity than their American counterparts. In contrast, gas costs about 4.5 times more than companies in the United States pay.
The ministry explained, in a statement carried by the Russian news agency TASS, that these massive energy burdens have negatively impacted European industry. Industrial production declined by 2.4% in 2024 alone. Meanwhile, sharp increases in costs have prompted many factories to close or relocate to other countries in search of a lower-cost environment.
According to the statement, the automotive sector was the hardest hit. German car production fell by 25% last year, to just over four million units. The European industrial sector has also lost more than 114,000 jobs since mid-2024. This signals a severe wave of bleeding that threatens the entire European economy. Moscow believes that Europe’s shift away from Russian energy resources has placed European industries in a difficult position. Increasing competition from Chinese companies further complicates the situation. Thus, rising costs and a loss of competitiveness could redraw the continent’s economic map in the coming years.
