EU remains Russia’s third-largest trading partner despite sanctions, says IW

Despite ongoing sanctions, Russia’s exports grew by 18% last year, reaching $330 billion, according to a report by the German Economic Institute (IW).

China remains Russia’s largest trading partner and the biggest importer of Russian goods — primarily oil, gas, and coal — with imports totaling $130 billion. Overall trade between the two countries reached approximately $244.8 billion in 2024. According to the institute, India is Russia’s second-largest buyer of goods, particularly oil.

The European Union remains Russia’s third-largest trading partner, with total trade turnover of around €67.5 billion. “Imports from Russia to Europe have dropped sharply, but have not disappeared,” the report notes.

In 2024, Germany purchased $9.5 billion worth of goods from Moscow, while France and the Netherlands imported around $6 billion each. Hungary, meanwhile, increased its imports by 31%, maintaining close economic ties with the Kremlin.

The publication also highlights a notable rise in trade between Russia and Israel in 2024, partly due to Israel’s imports of Russian oil. According to the report, countries such as Armenia, Uzbekistan, Turkey, Egypt, and Brazil have also significantly increased their imports of Russian goods since 2022.