- Hans Weber
- June 5, 2023
EU Trade With Russia Shows Strong Decline Following Invasion of Ukraine
Brno, Jan 31 – The European Union’s trade with Russia has been significantly impacted by the recent invasion of Ukraine, leading to the imposition of import and export restrictions by the EU. According to Eurostat, the effects of these measures have been significant, as Russia’s share of extra-EU imports declined from 6.4% to 3.8% between February and September 2022.
Similarly, extra-EU exports to Russia fell from 2.3% to 1.1% over the same period. The EU’s trade balance with Russia was €19.6 billion in March 2022, but it declined progressively and ended at €9.7 billion in September 2022. The data from Eurostat showed a sharp decline in six key products – coal, natural gas, petroleum oil, fertilizers, iron, and steel, with only nickel showing a slight increase.
Russia, being a major producer of fossil fuels, is witnessing a gradual reduction in trade. The sharpest decreases were reported for coal (from 45% in 2021 to 13% in the third quarter of 2022), natural gas (from 36% to 18%), fertilizers (from 29% to 17%), and iron and steel (from 16% to 5%).
The EU has also prohibited the export of hundreds of items to Russia, including high-tech military equipment, semiconductors that could be used by Russia’s military, as well as handbags and clothes. These measures are aimed at limiting Russia’s ability to export certain products to the EU and reducing its reliance on these products.
In conclusion, the EU’s recent trade restrictions with Russia have had a significant impact on the country’s ability to trade with the EU, particularly in the fossil fuel sector. The EU’s move is a clear message to Russia about the consequences of its actions and a reaffirmation of the EU’s commitment to maintaining its values and upholding the rule of law.
Article by Prague Forum
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