Europe still trades with Russia despite war in Ukraine - media
Despite all the sanctions imposed due to the war against Ukraine, Russia continues to actively trade with European Union countries.
According to Bild and the German Economic Institute, trade between Russia and the EU amounted to €67.5 billion in 2024, reports Censor.NET.
Most EU countries have reduced their purchases from Russia, but trade has not stopped completely. For example, Germany has reduced its imports of Russian goods by 92%, but trade still amounts to almost $9.5 billion.
A similar decline has been observed in Italy, Belgium, Spain, the Czech Republic, and Slovakia. Hungary, on the other hand, has increased its trade with Moscow by a third, to $6.2 billion.
France and the Netherlands also remain among Russia's largest partners in Europe, with $6 billion in trade each. Overall, Russian exports grew by 18% in 2024, reaching $330 billion.
Moscow trades most with China, selling oil, gas, and coal there. India ranks second. Trade with Armenia, Turkey, Israel, Brazil, Uzbekistan, Egypt, and Azerbaijan has also increased.
Experts say that Russia is trying to replace EU markets with countries in Asia and the Middle East.
Sanctions against Russia
On October 23, the US Treasury Department announced sanctions against major Russian oil companies Rosneft and Lukoil. The reason for the additional restrictions is Russia's lack of serious commitment to the peace process aimed at ending the war in Ukraine.
The sanctions imposed by US President Donald Trump against Russia's largest oil companies will hit the Russian federal budget's revenues. The losses are inevitable, although they are difficult to estimate at this stage, a Russian official close to the Kremlin told Bloomberg.
