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The sanctions imposed by the EU against Russia over the ongoing crisis in Ukraine will cost Europe a great deal of money. 03.09.2015, Sputnik International

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14:25 GMT 03.09.2015 (Updated: 14:46 GMT 04.09.2015)

The sanctions imposed by the EU against Russia over the ongoing crisis in Ukraine will cost Europe a great deal of money.

"According to a forecast just released by the Austrian Institute of Economic Research (WIFO) the EU sanctions against Russia will cost Europe €100 billion and over 2 million jobs," warned Vladimir Chizhov, Russia's EU ambassador.

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