Russian exports to the United Kingdom increased by 20.7 percent in January and February, and accounted for US$1.16 billion, whereas imports from the United Kingdom rose by 27.9 percent, and amounted to US$515 billion. In 2016, the volume of trade between the countries fell by 7.3 percent compared to 2015, with the export and imports dropping by 7.1 and 7.8 percent, respectively.
The Russian Trade Mission to the United Kingdom has seen a noticeable increase in trade between the two countries over the course of this year, as Russia’s Trade Envoy Boris Abramov said last week.
Abramov stated “We see a significant rise in both export and import. And if the Russian export’s increase could be explained from the viewpoint of the oil prices, the UK export to Russia is rising not because of the increasing oil prices, but in connection to the growth of purchasing capacity in Russia. This is both with regard to consumer and investment goods, such as, for example, industrial machinery.”
Chris Devonshire-Ellis Chairman of Dezan Shira & Associates, says “Clearly the sanctions are not working and there is little appetite for them continuing for much longer. The EU has lost over US$100 billion in sales because of these sanctions and is losing longer term business opportunities to Asia. The sooner Russia is re-engaged, the better it will be for EU and British exports. It is important that Europe is on the right side of history when it comes to the development of the OBOR routes. Russia is a major part of these developments.”
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