2019 Russian – EU Bilateral Trade Increasing
Evolving supply chains recovering from sanctions
Trade turnover from January-April inclusive this year between Russia and the European Union increased 2.2% year-on-year up to €82.6 billion (US$93.88 billion), according to Eurostat.
Russian imports from EU countries increased 1.8% to €28 billion, while Russian exports to the EU increased by 2.4% to €54.6 billion.
Russia is the fourth largest buyer of EU products, the USA, China and Switzerland. Among the largest exporters to the EU countries, Russia is third after China and the USA.
The figures illustrate that sanctions, although tough to begin with, are a moving issue and one whose influence lessens over time.
The EU is estimated to have lost about US$240 billion in trade with Russia since the sanctions were introduced in 2014. Russia in the meantime has also responded by increasing investment and developing supply chains and selling products into Asia.
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