The record levels of Russian imports seen in March 2022 are still a long way off, but the trend of decreasing Russian imports to the European Union has ended, writes Business Insider. EU countries spent 11 percent more in Russia in January year-over-year, the most in 17 months, and this was before any peace talks began.
The European Union countries bought goods in Russia for €3.841 billion in January this year, according to Eurostat data. It is still a long way from the over €20 billion levels from the first four months of 2022, but the month-over-month growth has been continuous, with just a short break, since September last year. Imports from Russia were up by as much as 11.4 percent year-over-year in January, the biggest increase since September 2023.
This is mainly the result of a 17.7 percent year-over-year increase in the amount of mineral fuels imported from Putin’s country, which were imported to the EU for €2.6 billion, the highest level since February 2023.
According to Eurostat, the import of crude oil or fuels produced from oil decreased by 8.3 percent year over year, meaning the increase most likely came from liquefied gas, imported in large quantities by France, among others.
In this way, the EU indirectly increased the financial resources Putin’s country needs to fight the war.
Although sanctions have dramatically reduced business activity between the EU and Russia, a huge number of Western companies still operate in Russia. Even countries with extremely tense relations with Russia, such as Poland, have seen billions in trade continue between the two nations.
As Remix News reported in four months ago, Eurostat data for September 2024 showed Italy increased its trade with the Russian Federation by a quarter to €768 million, of which €427.1 million were Italian deliveries to Russia’s domestic market.
Trade turnover with Germany was €720 million, while France was €469 million.
In the first autumn month, Hungary reached €451 million and the Netherlands €437 million, placing these two countries among the top EU trading partners for Russia. According to Danilcev, the data on goods traffic has not yet been processed, but the traditional goods traffic includes, among other things, fertilizer, energy and chemical products.
“European companies need such products. Therefore, despite the political problems, the business is going its own way,” Danilcev said.
Just last month, the London School of Economics attacked the EU for its rhetoric around sanctions and Russia and its actual practices, writing:
“The European Union has launched a series of measures to contain Russia following its full-scale invasion of Ukraine. Yet, the effectiveness and extent of these measures remain in doubt.
The EU has a cumulative merchandise trade deficit with Russia of US$120 billion since Russia’s full-scale invasion of Ukraine or 5 percent of Russia’s annual GDP. This net transfer of resources to Russia is in stark contrast to the EU’s rhetoric, which claims that it will ‘remain determined to keep acting to further reduce Russia’s sources of revenue and capacity to wage war,’ The EU’s approach to Russia is self-defeating and risks prolonging the war.”
