As the EU reduces its dependence on Russia, latest information exhibits that exports to the nation have fallen by 58%, whereas imports have fallen by 86%, notably for nickel and petroleum oil.
EU commerce with Russia has been vastly affected by the beginning of Russia’s full-scale invasion of Ukraine in 2022.
The EU has imposed numerous import and export restrictions on a number of merchandise, resulting in a 58% drop in exports to Russia and an 86% drop in imports from Russia between the primary quarter of 2022 and the third quarter of 2024.
The newest Eurostat information exhibits the EU’s commerce deficit with Russia stands at €0.6 billion, down sharply from a peak of €46.0 billion within the second quarter of 2022.
Nickel, oil, pure fuel, fertilisers, iron and metal are the important thing merchandise imported into the EU from Russia.
Comparing the third quarter of 2022 to the third quarter of 2024, the biggest declines had been noticed in nickel and oil, which fell by 21 and 17 share factors, respectively.
To compensate, the EU bought nickel from different international locations, together with the United States, Norway and the United Kingdom.
Furthermore, oil imports have more and more been changed by provides from the United States, Kazakhstan, Norway and Saudi Arabia.
However, over the identical interval, fertilizer imports elevated by 13 share factors, whereas the shares of pure fuel, iron and metal grew by 2 and three share factors, respectively.
Are sanctions in opposition to Russia efficient?
The EU has signed new vitality offers, together with the REPowerEU plan, and imposed restrictions on some key merchandise to scale back its dependence on Russia.
While the EU has labored to increase the Southern Gas Corridor to convey vitality from different sources, relationships recommend that Russia has nonetheless discovered a option to attain the EU market.
In a home in Chatham analysesresearcher Armida van Rij stated that “Russian fuel is recycled via Azerbaijan and Turkey to fulfill continued excessive European calls for.”
According to the report, EU President Ursula von der Leyen has struck fuel import offers with Azerbaijan, regardless of components of the infrastructure for transporting this fuel being owned by Lukoil, a Russian vitality firm beneath US sanctions.
However, the European Commission denies that the agreements with Azerbaijan are making a again door for extra Russian fuel to not directly enter the continent.
Video editor • Mert Can Yilmaz
