Where does the EU stand in trade in goods with Russia?
EU trade with Russia has been strongly affected since the start of Russia's full occupation of Ukraine in 2022.
The EU has imposed various import and export restrictions on several products, leading to a 58% drop in exports to Russia and an 86% drop in imports from Russia between the first quarter of 2022 and the third quarter of 2024 .
The latest figures from Eurostat show that the EU's trade deficit with Russia is €0.6 billion, a sharp decline from a peak of €46.0 billion in the second quarter of 2022.
Nickel, petroleum, natural gas, fertilizers, iron and steel are the main products imported by the EU from Russia.
When comparing the third quarter of 2022 to the third quarter of 2024, the largest declines were seen in nickel and petroleum oil, which fell by 21 and 17 percentage points, respectively.
To compensate, the EU took nickel from other countries, including the US, Norway and the UK.
Also, oil imports were increasingly replaced by supplies from the US, Kazakhstan, Norway and Saudi Arabia.
However, during the same period, fertilizer imports increased by 13 percentage points, while the weight of natural gas, iron and steel increased by 2 and 3 percentage points, respectively.
The EU has signed new energy deals, including the REPowerEU Plan, and imposed restrictions on some key products to reduce its dependence on Russia.
While the EU has been working to expand the Southern Gas Corridor to bring in energy from other sources, reports suggest that Russia has yet to find ways to reach the EU market.
In a Chatham House analysis, researcher Armida van Rij stated that "Russian gas is being routed through Azerbaijan and Turkey to meet continued high European demand".
According to the report, EU President Ursula von der Leyen has concluded gas import agreements with Azerbaijan, despite the fact that parts of the infrastructure for transporting this gas are owned by Lukoil, a Russian energy company under US sanctions.
However, the European Commission denies that the agreements with Azerbaijan are creating a back door for more Russian gas to enter the continent indirectly.
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