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EU countries step up trade with Russia – RIA – RT Business News


Some member states have increased their turnover by more than 200%, according to the news agency

Three-quarters of EU member states increased their trade turnover with Russia in the first eight months of 2022, RIA Novosti reported on Saturday, citing data collected from the bloc’s various national statistics departments.

Russia’s trade with Bulgaria and Greece is said to have soared by 240% and 230% respectively, while trade turnover with Slovenia doubled in the period from January to August this year. At the same time, Austria and the Czech Republic increased their trade with the sanctioned country by 80%. Meanwhile, Russia’s trade turnover with Hungary and Italy jumped 70%. Belgium and Cyprus also recorded increases, of 60%.

In total, 20 of the bloc’s 27 members saw a 34% year-on-year increase in trade with Russia. In monetary terms, trade turnover jumped to 177.3 billion euros from 132.4 billion euros recorded for the same period a year ago.

At the same time, Russia’s mutual trade with Malta has seen a dramatic drop of 80%, while Denmark and Sweden have reduced their trade with the country by 49%. Luxembourg’s trade turnover with Russia also fell, by 28%. Declines in Russia’s mutual trade with Finland and Lithuania totaled 7% and 6% respectively. Portugal reduced its trade turnover with the nation by 3%.

Trade between these seven countries and Moscow amounted to 14.2 billion euros, against 17.3 billion euros a year earlier.

As a result, Russia-EU trade turnover saw a 28% increase in January-August 2022 compared to the same period a year ago, and amounted to 191.5 billion euros. . Of these, EU exports to Russia totaled €36.2 billion, while imports from Russia amounted to €155.3 billion.

Thus, the EU’s trade deficit for the first eight months of the current year amounted to 119.1 billion euros, reaching its highest level since 2008, when it amounted to 151 billion euros for the whole year.

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