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Europe’s import of Russian goods to decrease by 68% in 2023

ByEditor

Feb 13, 2024

Russian exports to Europe fell by more than two thirds in 2023, as the EU drastically reduced its purchases of Russian oil and gas. This was declared by the Russian customs agency. EU countries have stopped most of their energy purchases from Russia in a bid to put economic pressure on Moscow over its military offensive against Ukraine.

Russian exports to Europe fell 68% in 2023, reaching $84.9 billion. Exports to Asia – which has replaced Europe as the country’s main energy customer – increased by 5.6% to 306.6 billion dollars, according to the agency. After being hit by Western sanctions, Moscow stopped publishing a wide range of economic statistics, including trade data with individual countries.

Separate Chinese customs data showed that two-way trade between the two countries reached a record $240 billion last year, amid growing economic, trade and political ties between Beijing and Moscow. The Russian Central Bank also said last week that Chinese yuan deposits in Russian bank accounts exceeded US dollars for the first time ever, as the Russian financial system embraced the Chinese currency in the face of sanctions that have prevented access to the dollar.

Russia’s overall trade surplus stood at $140 billion in 2023, a decline of 58.5% compared to 2022, the year in which Moscow obtained exceptional energy revenues thanks to the offensive on Ukraine that caused a surge oil and gas prices and Europe continued to purchase Russian energy for much of the year.

By Editor

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