Although most EU countries have severely limited trade relations with the Kremlin, one country has gone in the opposite direction – Hungary increased trade with Russia by as much as 31%.reaching the level of USD 6.2 billion. Recently, however, Budapest surprised and presented a new National Energy and Climate Plan (NEKT), which clearly points to Russia as a threat to the country's energy security.
The largest declines were recorded in Germany (imports lower by 92% compared to 2021), Italy (-83%), Belgium (-67%), Spain (-63%), Czech Republic (-51%) and Slovakia (-31%). Other countries, including Poland, reduced their exchange by less than 30%.
China and India dominate trade with Russia
They remained Moscow's most important trading partner in 2024 Chinawith a turnover of USD 244.8 billion. The vast majority were exports of Russian oil, gas and coal, worth a total of $130 billion. Since the outbreak of the war, Russian exports to China have increased by 67 percent, and imports from the Middle Kingdom by 35 percent.
In second place was India, which dramatically increased its imports from Russia by as much as 680 percent compared to 2021. This is mainly the result of purchasing cheap Russian oil. Dynamic increases were also recorded by Armenia (+423%), Israel (+240%), Uzbekistan (+135%), Brazil (+98%), Azerbaijan (+76%), Egypt (+70%) and Turkey (+53%).
Meanwhile USA, South Korea and Japan significantly reduced imports from Russia – by 89, 60 and 59%, respectively. Economists predict that in 2025, EU countries' trade with Russia will shrink further due to further sanctions packages.
Another package of sanctions against Russia approved. These industries will suffer
Another, 19th package of sanctions against Russia was recently approved. The new regulations include an extension of the ban on the provision of services and new restrictions on trade and energy. The key provisions include a ban on providing cryptocurrency services to all Russian citizens, as well as a ban on providing tourist services in this country.
