Most EU member states heavily boosted their trade with Russia in the first eight months of 2022, despite sanctions, RIA Novosti reports Read Full Article at RT.com
Some member states have boosted trade turnover by more than 200%, the news agency says
Three quarters of EU member states boosted their trade turnover with Russia in the first eight months of 2022, RIA Novosti is reporting on Saturday, citing data collected from the bloc's various national statistics departments.
Russia’s trade with Bulgaria and Greece reportedly soared 240% and 230% respectively, while trade turnover with Slovenia doubled during January-to-August period this year. At the same time, Austria and the Czech Republic boosted their trade with the sanctions-hit nation by 80%. Meanwhile, Russia’s trade turnover with both Hungary and Italy surged 70%. Belgium and Cyprus also registered increases, of 60%.
All-in-all, 20 out of the 27 bloc members saw a year-over-year increase of 34% in mutual trade with Russia. In monetary terms the trade turnover surged to €177.3 billion compared to €132.4 billion recorded for the same period a year ago.
At the same time, Russia’s mutual trade with Malta saw a dramatic decline of 80%, while both Denmark and Sweden reduced their trade with the nation by 49%. Luxembourg’s trade turnover with Russia also declined, by 28%. Drops in Russia’s mutual trade with Finland and Lithuania totalled 7% and 6% respectively. Portugal reduced its trade turnover with the nation by 3%.
Trade between these seven countries and Moscow amounted to €14.2 billion, against €17.3 billion a year earlier.
As a result, Russia-EU trade turnover saw an increase of 28% in January-August 2022 compared to the same period a year ago, and amounted to €191.5 billion. Of these, EU exports to Russia totalled €36.2 billion, while imports from Russia amounted to €155.3 billion.
Thus, the EU's trade deficit for the first eight months of the current year amounted to €119.1 billion, reaching its highest since 2008, when it amounted to €151 billion for the entire year.
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