Trade between Russia and the EU has fallen to its lowest level in the 21st century: why this is good news for Ukraine

In June, the trade turnover between Russia and the European Union (EU) was the lowest since 2000. This means that the Kremlin will not be able to use this money to finance a full-scale aggression against Ukraine.

This was announced by the Chairman of the Verkhovna Rada Committee on Finance, Taxation, and Customs Policy Danylo Hetmantsev (Servant of the People). He noted that trade between Russia and the EU decreased by 10% to €4.9 billion.

The figure was lower only in September 1999 (4.6 billion euros). In addition, this is more than four times less than the average monthly volume in 2021 (20.8 billion euros).

"Compared to the previous month, exports of Russian products to the EU decreased by 14% to €2.5 billion (the lowest since February 1999 and 81% less than the average monthly volume in 2021), while supplies of European products to Russia decreased by 5% to €2.4 billion," Hetmantsev added.

The MP called this good news for Ukraine. At the same time, he reminded that

• Asian countries are compensating Russia for the loss of foreign exchange earnings in Europe by buying oil from it (in July, India came out on top with 2.07 million barrels per day, beating China, which was the leader in June with 1.76 million barrels per day);

• in annual terms, even at the current minimums, Russia will receive from European consumers 30 billion euros per year (more than 3 trillion rubles) – this amount is enough to cover almost a third of Russia's annual expenditures on the war against Ukraine;
• some European countries, including Ukraine's close neighbors, have increased their trade with Russia, and at double-digit rates;
• Russia continues to make money in Europe on gas (1.1 billion euros), oil and oil products (333 million euros), iron and steel (164 million euros) – these products can be replaced with goods from countries with a better reputation if there is a desire and political will.

"I understand that the choice of foreign trade partners is the sovereign right of every state and its business entities, but in the current situation, maintaining or increasing trade relations with Russia means creating additional opportunities for it to continue the largest war on our continent in this century," Danylo Hetmantsev summarized.

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