EU-Russia trade dips in Q2 ’24

The European Union (EU) saw a significant decline in trade with Russia in the second quarter of 2024, with imports from Russia dropping by 16.0 per cent and exports to Russia falling by 9.5 per cent compared to the previous quarter.

This follows a dramatic long-term trend: between Q1 2022 and Q2 2024, the value of EU imports from Russia plummeted by 87 per cent.

Moreover, Russia’s share in extra-EU petroleum oil imports has also dwindled, collapsing from 21 per cent in Q2 2022 to just 1 per cent in Q2 2024.

This sharp reduction highlights a significant shift in the EU’s trade dynamics and its decreasing reliance on Russian energy sources.

Attribution: Eurostat

Subediting: M. S. Salama