Estimated possible losses from EU sanctions - €4 billion

The Russian Embassy has calculated the possible losses of Montenegro from EU sanctions

In the latest developments on the economic impact of European Union sanctions on Montenegro, it became known that the country's losses are estimated at at least €4 billion. The information was provided by the Russian Ambassador to Montenegro, Vladislav Maslennikov, stressing how painful this topic is for local authorities.

According to the diplomat, the long-term consequences of the damage to Montenegro reach an impressive amount. Back in 2019, the country's media estimated losses from anti-Russian sanctions at €2 billion, imposed in 2014. Taking into account the country's subsequent compliance with sanctions, losses could double in almost five years.

At the end of January, Prime Minister Milojko Spajic expressed regret that the country had not received any benefits from following the policy of EU sanctions against Russia in 2021 and 2022. In this regard, it becomes clear that Montenegro's decision to enter into sanctions may have a significant impact on its economy.

The country's tourism industry is particularly affected, given its significant contribution to the economy. In this context, losses of €4 billion could seriously undermine Montenegro's financial stability and create difficulties for recovery in the near future.

Also, according to Ambassador Maslennikov, Montenegro does not realize the full picture of the long-term consequences that may arise from the decision to enter into sanctions. The issues of economic losses and prospects for the country's accession to the European Union are becoming more and more urgent and require careful consideration.

In light of the current situation, it is important that Montenegro develop effective recovery strategies and strengthen its position in the global economy. However, before this happens, the country will have to accept the challenge and carefully consider options to overcome the economic difficulties associated with EU sanctions.