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The Nordic Times

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https://nordictimes.com/world/russia-sanctions-have-cost-the-eu-1000-billion-euros/

World

Russia: Sanctions have cost the EU 1000 billion euros

The new cold war

Published August 4, 2025 – By Editorial staff
Alexander Grusjko points out that the EU's previously extensive trade with Russia today "is practically approaching zero".
2 minute read
Editorial staff
editorial@nordictimes.com

The EU's economic losses following the termination of energy cooperation and reduced trade with Russia now exceed one trillion (1,000 billion) euros. This according to Russian Deputy Foreign Minister Alexander Grushko.

– There are different estimates. If we talk about the majority of experts, the total amounts to as much as more than a trillion euros taking into account losses from termination of energy cooperation with Russia, from the curtailment of trade. In 2013, our trade was worth 417 billion euros, last year it equaled 60 billion euros, now it is practically approaching zero. This is lost profit, said Grushko, according to several Russian media outlets.

He also highlighted differences in energy costs between Europe and the USA:

– The cost of natural gas in Europe is 4-5 times higher than in the US while electricity is 2-3 times more expensive. This is the price that Europe has to pay for curtailing all economic contacts with Russia.

More expensive deals with the USA

The statement comes shortly after the EU concluded a new trade agreement with the USA, which commits the union to purchasing large volumes of American energy. According to Moscow, these deliveries are significantly more expensive than those previously supplied by Russia. The agreement also includes 15 percent tariffs on important EU products, which several European politicians have criticized as unbalanced and harmful to Europe's interests.

Earlier in June, Russian President Vladimir Putin stated that EU countries had lost around 200 billion euros (231 billion dollars) solely by forgoing Russian gas deliveries. Towards the end of 2024, Russian officials estimated that total EU losses linked to sanctions had reached 1.5 trillion dollars.

At the same time, Moscow claims that the country has achieved a certain "immunity" against Western sanctions.

Sanctions since 2014

In a comment on the new USA-EU agreement, Putin claimed that the EU has in practice lost its political sovereignty, which according to him has directly led to weakened economic independence.

The EU began imposing sanctions against Russia in 2014 following the annexation of Crimea and the erupting conflict in eastern Ukraine, and has significantly expanded them since 2022. The sanctions target areas including the banking sector, energy exports, and Russian industrial companies.

Moscow, in turn, regards the sanctions as illegal and argues that they violate international trade rules and threaten global economic stability.

Editorial staff
editorial@nordictimes.com

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https://nordictimes.com/the-nordics/finland/finnish-region-loses-millions-in-revenue-after-border-closure-with-russia/

Finland

Finnish region loses millions in revenue after border closure with Russia

The new cold war

Published November 5, 2025 – By Editorial staff
The border crossing between Russia (Svetogorsk) and Finland (Imatra)
2 minute read
Editorial staff
editorial@nordictimes.com

The Finnish region of South Karelia has been severely impacted economically since Finland closed its border with Russia at the end of 2023. Tourism revenue has decreased by approximately one million euros per day, and hotels, restaurants and shops stand empty.

South Karelia is located closer to St. Petersburg than to Helsinki, the Finnish capital, and has maintained extensive economic ties with Russia for decades.

The region's economy has been built on cross-border tourism, shopping, timber trade and local jobs within the forest industry.

Finland's decision to close the 1,430-kilometer land border with Russia was motivated by accusations that Moscow had deliberately created an increased migrant flow from Africa and the Middle East to Finland. Moscow has in turn dismissed the accusations as "completely groundless".

Impact on local businesses

Hotels, restaurants and shops in the region now stand largely empty, reports Bloomberg.

– Russian customers asked why we couldn’t stay open around the clock. They bought clothes in stacks – mostly the latest fashion and bling, but even winter coats were sold out by August, says Sari Tukiainen, who runs a shop in Imatra, a Finnish border town.

Due to decreased sales, Tukiainen plans to close the shop at the end of the year. Unemployment in Imatra has simultaneously risen to 15 percent, the highest in Finland, as factories and steel mills have reduced their workforce.

Historically, Finland has had a complex relationship with Russia. The country was part of the Russian Empire for over a century, and despite two wars with the Soviet Union during World War II, a friendly relationship was maintained during the Cold War.

After the war in Ukraine escalated in 2022, Finland was early to impose sanctions against Moscow. The country also abandoned its long-standing neutrality by joining the US-led military alliance NATO, a step that has further changed the economic and political dynamics in the region.

Editorial staff
editorial@nordictimes.com

https://nordictimes.com/tech/spotify-founders-company-may-sell-attack-drones-to-germany/

Tech

Spotify founder’s company may sell attack drones to Germany

The new cold war

Published October 30, 2025 – By Editorial staff
Daniel Ek with the HX-2 drone. German contract could generate billions in euros for Helsing.
2 minute read
Editorial staff
editorial@nordictimes.com

The German government plans to award three companies contracts worth €1 billion for the delivery of kamikaze drones – one of them is Daniel Ek's military technology company Helsing.

The three companies expected to share the contract are the Ek-backed startup Helsing, German competitor Stark – which counts Silicon Valley billionaire Peter Thiel among its investors – and military-industrial giant Rheinmetall. Each company is expected to be awarded contracts of around €300 million each, according to sources speaking to the Financial Times.

No formal agreements have yet been signed, but if the contracts are approved by the German Bundestag's budget committee, they will likely be the largest deals for both young startups to date.

Under the agreement, the three companies are to deliver up to 12,000 kamikaze drones, though only a portion of that number will be delivered initially. The drones are expected to be deployed with a new German brigade stationed in Lithuania, with the official mission of defending NATO's eastern border against potential Russian attacks and airspace violations.

According to sources who spoke with FT, German authorities hope that splitting the contract among three players will stimulate innovation and competition.

— They're doing it to keep the competition alive and make sure they get the best system, said one of the sources.

European drone armament buildup

The deal comes at a time when European countries are significantly building up their drone warfare capabilities, both in terms of defensive technology to protect against potential drone attacks and offensive drones to conduct attacks against targets in other countries.

Investment in Europe's military technology startups has soared since the war in Ukraine escalated in 2022, with various venture capital firms now investing large sums in military operations.

Helsing has been described as Europe's most valuable military startup with a valuation of €12 billion, and over the past year the company has announced plans to deliver 6,000 drones to Ukraine, acquired German aircraft manufacturer Grob, and presented plans to manufacture underwater surveillance systems in the United Kingdom.

Stark was founded just 15 months ago and is backed by investors including American tech billionaire Peter Thiel and venture capital firm Sequoia Capital. The company has a team in Ukraine working on testing and development, and in July announced plans to open a factory in the English town of Swindon.

Rheinmetall surprised observers

That part of the contract would go to artillery and tank manufacturer Rheinmetall, which has already won tens of billions of euros in government contracts, came as a surprise to some players in the military-industrial sector.

Although the company has partnerships with American drone manufacturer Anduril and Israeli company UVision, it had until recently not had its own armed drone in its product portfolio.

Rheinmetall, headquartered in Düsseldorf, Germany, offered to deliver the armed drone FV-014 to the German army, which the company publicly presented in September. The drone, also known as Raider, can carry a 5-kilogram payload and has a range of 100 kilometers.

Stark will deliver its armed drone Virtus and Helsing its HX-2.

Editorial staff
editorial@nordictimes.com

https://nordictimes.com/world/two-us-military-aircraft-crash-in-south-china-sea/

World

Two US military aircraft crash in South China Sea

The new cold war

Published October 28, 2025 – By Editorial staff
The past six months have seen a number of losses of American fighter aircraft in connection with accidents.
2 minute read
Editorial staff
editorial@nordictimes.com

A US helicopter and a fighter jet crashed during separate routine missions in the South China Sea on Sunday. According to the US Navy, all crew members were rescued unharmed.

The incidents occurred within half an hour of each other, and preliminary reports point to technical failures.

The US Pacific Fleet reported on Sunday that an MH-60R Seahawk helicopter crashed at approximately 2:45 PM local time during a routine mission from the aircraft carrier USS Nimitz in the South China Sea.

Three crew members were quickly rescued by nearby vessels and are in good condition, reports Associated Press.

Approximately thirty minutes later, the fleet also lost an F/A-18F Super Hornet fighter jet, which was also operating from the Nimitz. The two pilots ejected and were shortly thereafter picked up by rescue units.

The Navy has launched a formal investigation to determine the causes of both accidents, which occurred over one of the world's most strategic and contested maritime areas.

Trump: "Very unusual"

President Donald Trump commented on the incidents during his Asia tour, calling the two consecutive crashes "very unusual".

– They think it might be bad fuel. We’re gonna find out, Nothing to hide, Trump told reporters aboard Air Force One en route from Malaysia to Japan.

According to the Navy, this is the fourth time this year that an F/A-18 aircraft, with an estimated cost of approximately €56 million each, has been lost in an accident.

Two losses occurred earlier in the year in the Red Sea, and one accident happened off the US East Coast in August.

The South China Sea has long been a geopolitical flashpoint where China claims nearly the entire area.

In recent years, Beijing has expanded military installations on disputed islands and reefs, prompting the US to maintain a constant military presence in the region to protect freedom of navigation, according to official statements.

The dual aircraft crashes occurred while Trump is on an extended diplomatic tour in Asia, where he is expected to meet with Chinese leader Xi Jinping this week for talks on trade and security.

Editorial staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/sweden/sweden-accelerates-space-defense-development-military-satellites-planned-before-2030/

Sweden

Sweden accelerates space defense development – military satellites planned before 2030

The new cold war

Published October 28, 2025 – By Editorial staff
The Swedish Armed Forces monitors other countries' satellites and space movements in real time.
2 minute read
Editorial staff
editorial@nordictimes.com

The Swedish Armed Forces is accelerating the development of a Swedish space defense capability and plans to launch its own operational satellites earlier than previously planned.

The initiative, which aims to enhance surveillance and reconnaissance capabilities amid escalating conflicts and a deteriorating security situation, involves an expedited procurement process where the Swedish Defence Materiel Administration (FMV) has been tasked with speeding up the process.

The conflict with Russia and "the deteriorating security situation" have prompted the Swedish Armed Forces to accelerate work on a national space defense capability. The goal of having its own military satellites was originally set for 2030, but FMV has now been tasked with implementing an expedited procurement so that the satellites will become operational earlier. The defense forces currently do not wish to specify an exact year or how many satellites will be included in the system.

— We need to see further, says Anders Sundeman, new head of the Swedish Armed Forces' space operations, to state television SVT.

The satellites will primarily be used for reconnaissance and surveillance and aim to provide an improved situational picture, including over the Baltic Sea region. Weaponization of the satellites is reportedly not currently under consideration.

"Weapons reach further"

The Swedish Armed Forces cites two main reasons for the increased pace: the deteriorating security situation and the development of weapon systems with longer range. The ability to detect and follow developments at greater distances has therefore become increasingly important, while space technology has become cheaper and more accessible.

— Distances have increased so much nowadays, weapons reach further. Therefore, we need to have a good understanding of how developments are unfolding at considerably greater distances, says Anders Sundeman.

In the long term, launches are intended to be possible from Esrange in northern Sweden, but the first operational satellite is likely to be launched from foreign soil. The defense forces already have two training satellites in orbit: Gna-3, which was launched last year, and the Swedish-Danish satellite Bifrost, which followed earlier this year.

Space as a domain of conflict

Today, around fifteen people work with space defense within the Swedish Armed Forces, and within five years the staff is expected to double. In the monitoring room that handles the space situational picture, other countries' satellites are tracked, passages over Sweden are noted, and suspicious movements are analyzed.

Sweden is one of several countries now building up space defense capabilities. The US-led military alliance NATO has also highlighted space as a possible future domain of conflict.

— With increased interest, increased activity and increased dependence, potential conflicts, or space as a potential domain of conflict, will increase, says Anders Sundeman.

Editorial staff
editorial@nordictimes.com