Germany's imports of goods from Russia dropped by 95 per cent between 2021 and 2024, while exports to Russia fell by 72 per cent, Reuters reported citing the federal statistics office (Destatis), reflecting the impact of sanctions following Russia's invasion of Ukraine. The European Union also reduced its imports from Russia by 78 per cent and exports by 65 per cent over the same period. As a result, the EU's trade deficit with Russia shrank from €147.5 billion in 2022 to just €4.5 billion in 2024. Destatis noted that oil and natural gas imports accounted for most of the remaining deficit, despite significant reductions in overall trade. The shift comes as the European Commission proposes an 18th sanctions package targeting Russia's energy revenues, banks and military sector. Although Russia's economy has performed more robustly than expected during the war, it faces declining oil prices and reduced budget revenues, with projected oil and gas export earnings expected to fall 15 per cent in 2025. Attribution: Reuters
