The governor of the Murmansk region, Andrey Chibis, said during his report for 2024 that the regional budget had lost 20 billion rubles (about 220 million euros) due to sanctions pressure.
Speaking about EU sanctions, Chibis admitted that “no one could imagine that markets that seemed impossible to close were closed.”
The authorities in Russia say there are 89 regions in the country, but this number includes four regions currently occupied in the conflict with Ukraine. Based on the losses in the Murmansk region, it can be estimated that all regions of Russia lost at least 19 billion euros due to sanctions.
The Murmansk Region is located in the northwest of the European part of Russia and borders Finland and Norway. The area of the Murmansk region is 144,9 thousand square kilometers, which is about 0.85 % of the area of Russia.
The Murmansk region is the largest producer of nickel, accounting for 1.7 % of refined copper production, 13 % of fish catch and 1.6 % of electricity production. It is one of the most energy rich regions in Russia, with three seaports and two airports. The nuclear icebreaker fleet is based in Murmansk.
