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Financial News: EU Exports To Russia Down To More Than

EU Exports To Russia Down To More Than A Third Since Ukraine War

02/21/2024 - 10:03:00 (RTTNews)

(RTTNews) - EU exports to Russia have shrunk to 37 percent of their level since the war in Ukraine began in spring 2022, mainly due to sanctions, a study by the ifo Institute and EconPol Europe showed Wednesday.

"One reason for the still high volume of exports to Russia is that only 32 percent of all products from the EU are subject to sanctions," Feodora Teti, deputy director of the ifo Center for International Economics, said.

Further, it is possible to deliver many of EU goods subject to sanctions to Russia indirectly via third countries, Teti said citing the new ifo sanctions database.

China supplies 61 percent of all products subjects to sanctions to Russia. This proportion rose from just 35 percent in 2021.

Turkey provides 13 percent of all products under sanctions and Armenia supplies nearly 1 percent. Meanwhile, EU exports to Armenia have doubled. "In the case of China, the increase in exports to Russia can at least partly be explained by stronger domestic production," Teti said.

"When it comes to Turkey and Armenia, however, the sudden and sharp increase in exports to Russia suggests that sanctions are being circumvented."

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