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Countries that backed sanctions against Russia have suffered significant export losses with products targeted by the Russian embargo accounting for only a small fraction of the loss, according to the French research center in international economics CEPII, RT  reports.

“We find the overall costs to total $60.2 billion from the beginning of the conflict [in Ukraine in 2014 – Ed.] until mid-2015,” said the center’s report, adding that EU countries bear 76.7 percent of all the trade loss.
According to CEPII, the major part of that loss - 82.2 percent - is accounted for by the products that are not targeted by Russian countersanctions.

“Importantly, 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 CEPII.

According to the source, the researcher used monthly data to evaluate the effect on French firms and found the sanctions had decreased individual firm’s probability of exporting to Russia, the value of shipments, and their price.

For non-embargoed products, the average monthly value of export shipments to Russia decreased by 3.5 percent, said the report.