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Russia and EU no longer key business partners

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European Union (EU)
European Union (EU)

The European Union (EU) is no longer an important trading partner for Russia as trade volumes continue to decline, Kirill Logvinov, the acting permanent representative of Russia to the EU, said on Monday.

“It is clear that the European Union has ceased to be an important trading partner for Russia,” Logvinov said in an interview with Russia’s RIA Novosti news agency. “Brussels has taken the path of economic war, introducing endless sanctions against our country, trying to interfere in Moscow’s economic relations with third countries.”

According to data from Eurostat, the statistical office of the EU, trade volumes between the EU and Russia continued to decrease throughout 2023. As a result, Russia dropped from fifth to 10th place in the list of leading trading partners for the EU.

“Over the eleven months of 2023, Russia’s trade turnover with the EU decreased by 66.1 percent compared to the same period in 2022 — from 243.5 billion euros (about 262.8 billion U.S. dollars) to 82.5 billion euros (about 89 billion dollars),” said Logvinov.

Meanwhile, the EU import of Russian products dropped to 46.9 billion euros (about 50.6 billion dollars), down 75.6 percent, and exports of goods from the EU to Russia fell to 35.6 billion euros (about 38.4 billion dollars), a decrease of 30.3 percent, according to the representative.

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