The EU has become one of Russia’s top three trading partners despite sanctions
28 October 16:35
The European Union continues to play a prominent role in Russia’s foreign trade, even with the sanctions imposed over the war in Ukraine. In 2024, the community was on the third place in the list of Moscow’s largest partners, Bild writes, citing data from the German Economic Institute (IW). The total trade turnover between the parties amounted to 67.5 billion euros (about $78 billion), "Komersant Ukrainian" reports.
At the same time, most EU countries have reduced purchases from Russia. For example, Germany cut imports by 92% compared to pre-war 2021, but the total trade between the countries is still at $9.5 billion. Italy (-83%), Belgium (-67%), Spain (-63%), and the Czech Republic (-1) also experienced a sharp drop in trade with Russia. Hungary, on the other hand, increased its trade by 31% to $6.2 billion. Trade with France and the Netherlands amounted to $6 billion each.
According to IW estimates, in 2024, the total volume of Russian exports grew by 18% year-on-year to $330 billion. China remains Russia’s main trading partner, accounting for $244.8 billion in trade, mainly due to oil, gas, and coal supplies. In total, Moscow sent Beijing $130 billion worth of energy carriers. India ranked second among importers of Russian goods, mainly through oil purchases. Before the war in Ukraine, it ranked 12th.
Armenia (423%), Israel (240%), Uzbekistan (135%), Brazil (98%), Azerbaijan (76%), Egypt (70%), and Turkey (53%) also expanded their trade relations with Russia compared to 2021.
According to the Federal Customs Service, in January-October 2024, Russia’s main partners were China (33.8% of trade), India (8.8%), and Turkey (8.3%). The top ten also includes Belarus, Kazakhstan, South Korea, Germany, Armenia, Italy, and Uzbekistan. The total volume of Russia’s trade over ten months reached $584 billion. Exports of goods amounted to about $434 billion, while imports amounted to $283 billion.
According to the head of the Federal Customs Service, Valery Pikalev, in the first six months of 2025, Russia exported goods worth $195.5 billion in value (-6% year-on-year) and imported $131.6 billion (1% year-on-year). Its largest partners were China, Turkey, India, Belarus, and Kazakhstan.
