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123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
Germany’s imports of goods from Russia fell by 95% in
the 2021-2024 period while its exports of goods to Russia were cut by 72%, the
country’s statistics office Destatis reported on Wednesday.(11 June) The
European Union as a whole cut its imports from Russia by 78% and exports by 65%
over the same time frame, leading to a trade deficit of 4.5 billion euros ($5.1
billion) in 2024 compared with 147.5 billion euros in 2022, Destatis added.
“The main
reason for the continued import surplus in 2024 was that the EU continued to
import oil and natural gas from Russia to a significant extent,” Destatis wrote
in a report.
Despite
avoiding Trump’s U.S. tariffs, Russia, whose trade with the U.S. and EU has
sharply declined due to sanctions over its ongoing war in Ukraine, has seen its
economy perform better than expected during the three-year conflict. However,
it faces a period of lower oil prices and shrinking budget revenues.
Russia has cut its forecast for 2025-2027 oil and gas
export revenues in April, a key source of funding for the state budget, due to
weaker oil prices, expecting proceeds to fall by 15% this year, according to an
economy ministry document seen by Reuters.
According to the European commission, in 2020, the European Union was
Russia’s largest trading partner, accounting for 36.5% of its imports and 37.9%
of its exports.
The European Commission has proposed an 18th
package of sanctions against Russia for its invasion of Ukraine, aimed at
Moscow’s energy revenues, its banks and its military industry, European
Commission President Ursula von der Leyen said on Tuesday.
