International trade with Russia boomed in 2022, even as Western countries imposed sanctions after the invasion of Ukraine, according to a New York Times analysis of trade data published on October 30, 2022.
Shifting partners
As restrictions took effect, Moscow’s trading relationships shifted. Russian imports fell sharply after sanctions and export controls were introduced, but some countries, notably China and Turkey, deepened their economic ties with Russia, according to the analysis.
Soaring energy prices meant that the value of Russia’s exports remained high, helping it build up a large trade surplus that has helped finance the war.
Europe pulls away
Russia’s long-standing economic links with Europe are loosening, and goods are being redirected to other markets. Decisions by global companies to halt operations in Russia have kept container ships carrying foreign goods away from St. Petersburg, Russia’s main port for trade with the rest of the world. In 2020, Russia imported $220 billion worth of goods, much of it from China, Germany and South Korea.
Dwindling next year
The analysis noted that trade data is published with a delay. Russia’s ample trade, and the war chest it has generated, is expected to start dwindling next year as more sanctions take effect, including the EU’s embargo on Russian seaborne oil due in December.
Sources
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