As the EU reduces its reliance on Russia, recent figures show that exports to the country have fallen by 58%, while imports have dropped by 86%, particularly for nickel and petroleum oil.
EU trade with Russia has been strongly affected since the start of Russia’s full-scale invasion of Ukraine in 2022.
The EU has imposed various import and export restrictions on several products, leading to a 58% decline in exports to Russia and an 86% drop in imports from Russia between the first quarter of 2022 and the third quarter of 2024.
Latest figures from Eurostat show that the EU’s trade deficit with Russia stands at €0.6 billion, a sharp decline from the peak of €46.0 billion in the second quarter of 2022.
Nickel, petroleum oil, natural gas, fertilisers, iron and steel are key products imported by the EU from Russia.
When comparing the third quarter of 2022 with the third quarter of 2024, the largest declines were observed in nickel and petroleum oil, which fell by 21 and 17 percentage points, respectively.
To compensate, the EU sourced nickel from other countries, including the US, Norway, and the United Kingdom.
Also, imports of petroleum oil were increasingly replaced by supplies from the US, Kazakhstan, Norway, and Saudi Arabia.
However, during the same period, imports of fertilisers increased by 13 percentage points, while shares of natural gas, iron, and steel grew by 2 and 3 percentage points, respectively.
Are the sanctions against Russia effective?
The EU has signed new energy deals, including the REPowerEU Plan, and set restrictions on some key products to reduce its reliance on Russia.
While the EU has worked to expand the Southern Gas Corridor to bring in energy from other sources, reports suggest that Russia has still found ways to reach the EU market.
In a Chatham House analysis, researcher Armida van Rij stated that “Russian gas is being laundered through Azerbaijan and Turkey to meet continued high European demands.”
According to the report, EU President Ursula von der Leyen has struck gas import deals with Azerbaijan, despite parts of the infrastructure for transporting this gas being owned by Lukoil, a Russian energy company under US sanctions.
However, the European Commission denies that the deals with Azerbaijan are creating a back door for more Russian gas to enter the continent indirectly.
Video editor • Mert Can Yilmaz
