BusinessRussia-EUtrade

Russia-EU trade turnover plunged over 20% in 2020

The volume of trade between Russia and the European Union declined by 21% last year to $219 billion, according to the Russian Deputy Foreign Minister Alexander Grushko.

He said during a round table titled ‘Russia-Europe: realities and prospects’ in the State Duma that Russia’s “Trade turnover with the European Union decreased in 2020, if you count the UK, by 21% compared to 2019.” Grushko added: “Although I recall that at the best times in 2013, this figure amounted to $417 billion, and in terms of weight in the EU’s foreign trade, Russia was in the top league.”




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Trade and business relations between Russia and the European Union have worsened since the introduction by Brussels of anti-Russian sanctions in 2014 over the events in Ukraine. Moscow has responded with counter-sanctions, banning a range of European products and launching an import substitution program.

Politicians from European countries have repeatedly called for the punitive measures to be canceled as they have become a major hurdle for business and economic growth.

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