EU remains Russia’s third-largest trade partner despite sanctions

Despite extensive sanctions, the European Union has remained one of Russia’s three largest trading partners. According to data from the German Economic Institute (IW), trade between the two sides reached €67.5 billion in 2024.

As reported by Bild, citing IW figures, the European Union (EU) ranked third among Russia’s main trading partners, following China and India. The total trade volume between the EU and Russia in 2024 amounted to €67.5 billion (around $78 billion).

EU countries reduce imports

Although trade remains significant, most EU member states have sharply reduced imports from Russia. Germany cut its imports from Russia by 92% compared with 2021, yet bilateral trade still reached about $9.5 billion. Italy’s trade with Russia fell by 83%, Belgium’s by 67%, Spain’s by 63%, the Czech Republic’s by 51%, and Slovakia’s by 31%.

Hungary, however, went against the trend, increasing its trade with Moscow by 31% to $6.2 billion. France and the Netherlands each recorded a trade volume of roughly $6 billion with Russia.

Russia’s exports on the rise

IW data shows that Russia’s total exports grew by 18% in 2024, reaching $330 billion. China maintained its position as Russia’s largest trading partner with a trade volume of $244.8 billion, around $130 billion of which came from energy sources such as oil, natural gas, and coal.

India became Russia’s second-largest trading partner, largely due to its purchase of discounted Russian oil, significantly boosting Moscow’s export revenues. Before the war, India had ranked as Russia’s 12th largest trade partner.

Compared with 2021, Russia expanded its trade relations most dramatically with Armenia (up 423%), Israel (240%), Uzbekistan (135%), Brazil (98%), Azerbaijan (76%), Egypt (70%), and Türkiye (53%).

Asian countries take the lead

According to data from the Russian Federal Customs Service, the country’s total foreign trade volume reached $584 billion between January and October 2024. China accounted for 33.8% of this figure, India for 8.8%, and Türkiye for 8.3%. The top ten partners also included Belarus, Kazakhstan, South Korea, Germany, Armenia, Italy, and Uzbekistan.

Total exports during this period stood at $434 billion, while imports amounted to $283 billion.

Federal Customs Service head Valeriy Pikalev noted that in the first half of 2025, Russia’s exports fell by 6% compared with the same period the previous year, dropping to $195.5 billion, while imports rose by 1% to $131.6 billion.

In that period, Russia’s main trading partners remained China, Türkiye, India, Belarus, and Kazakhstan.