The European Union is curtailing trade with Russia – Eurostat

The share of imports into the EU from Russia decreased from 9.5% in February 2022 to 1.9% in March 2023.

Russia’s share of EU exports to all countries outside the EU fell from 4% in February 2022 to 1.8% in March 2023.

According to Eurostat , the share of imports to the EU from Russia decreased from 9.5% in February 2022 to 1.9% in March 2023. At the same time, the value of imports from Russia fell from 22 billion euros in March 2022 to 3.8 billion euros in March 2023.

The EU trade deficit with Russia, which peaked at €18.4 billion in March 2022, fell to €6.1 billion in December 2022 and turned into a surplus in March 2023 at the level of €0.2 billion.

In the first quarter of 2023, a deficit of EUR 11.3 billion was registered in the energy trade balance between the EU and Russia.

EU trade with Russia

As of March 29, 2023, Russia lost its status as the main supplier of oil to the EU . Since the beginning of the war in Ukraine, Russia’s share of oil exports to the EU has decreased to 4%. Now the first place in oil exports belongs to the USA, which in December 2022 accounted for 18% of European imports.

Before the Russian attack on Ukraine, from 24% to 31% of the total volume of imported oil of the European Union (40-50 million barrels per month) came from the Russian Federation. The USA was the second supplier with a share of 10-13% (19-21 million barrels).

Norway and Kazakhstan held a share of 8% to 14%. It was followed by Iraq (7-12%), Libya and Great Britain (5% each).

(C)UNIAN 2023