The results of Russia’s trade relations in 2024 demonstrate the surprising resilience of Moscow’s export potential and the partial ineffectiveness of the sanctions pressure initiated by the West. As reported by the German publication Bild, citing recent research, the European Union, despite massive restrictions, managed to retain its position as the third largest trading partner of the Russian Federation.
The Impressive Figure of Third Place
The total trade volume with the EU for 2024 is estimated at approximately $67.5 billion. While this figure is significantly lower than pre-crisis levels, the very fact that the European Union maintained the third spot on the list of main counterparties underscores both the complexity of completely severing economic ties and the potential “leakage” of goods through neutral jurisdictions.
Overall, Russia’s foreign trade shows confident growth: exports to the top 20 partner countries increased by 18% (adjusted for inflation), reaching an impressive $330 billion. This growth was made possible by a geopolitical pivot towards the East and South.
The New Locomotives of Trade
China remains the undisputed leader, serving as the main importer of Russian commodities (oil, gas, coal). The volume of bilateral trade approached the $244.8 billion mark, with Chinese imports estimated at $130 billion.
The most dramatic shift occurred in the Indian direction. India, which ranked only 12th among key partners before February 2022, rapidly climbed to second place. Delhi has become a critically important buyer of Russian energy carriers, actively utilizing discounts on oil that became available after the departure of European buyers. Israel also showed a notable expansion in bilateral trade, predominantly due to increased purchases of energy resources from the Russian Federation.
The Role of “Friendly” and Transit States
Countries that adopted a neutral stance or maintain close ties with Russia sharply increased their import volumes. These include Turkey, Brazil, Egypt, as well as EAEU members—Armenia and Uzbekistan. Hungary, an EU member, is a particular outlier, unilaterally increasing imports from the Russian Federation by 31%, reaffirming its unique energy and political position within the bloc.
The Collapse of European Giants
At the same time, there is a complete or nearly complete refusal of several major European economies to engage in direct imports. Trade volume with Germany dramatically decreased, yet, paradoxically, still amounts to $9.5 billion. The import of Russian goods to the FRG plummeted by a colossal 92%. Trade turnover with France and the Netherlands stabilized at consistently low levels—around $6 billion. A similar trend of a complete curtailment of exports compared to 2021 is observed in Italy, Belgium, Czechia, and Slovakia.