Trade in Russia
The value of goods imported to Russia dropped in 2014, likely due to a trade ban imposed on U.S. and European agricultural goods in the aftermath of the Ukraine invasion and subsequent European sanctions against Russia. The ban impacted a range of European countries; among the most affected were Germany and the United States, Russia’s second and third most important import partners respectively.
The total value of U.S. exports to Russia also dropped in 2014. However, the extent of sanctions from Europe is limited, considering most of Europe is highly dependent on Russian gas. Furthermore, Germany being one of Russia’s biggest import partners makes the country especially reluctant to take a strong stance against Russia’s aggressive actions. Therefore, while the total value of Russian imports have dropped somewhat, the majority of trade continues per usual, despite increasing tensions between Russia and the west.
Meanwhile, Russia is strengthening its relations with China, its most important import partner. Yet, while intentions to increase trade with China exist, trade figures have actually decreased. Results show that sanctions and bans on imports may affect Russian trade, but the extent to which they will have an impact on business as usual may be limited given the level of dependence on trade between Europe and Russia.