In 2022, the US, EU, UK, Canada, Japan and many other countries imposed extensive sanctions on Russia, targeting the country's finance, trade and energy exports.
In a report published on June 13, the German Economic Institute stated: Despite all efforts from Europe, Russia's financial provisions for the conflict in Ukraine are still not exhausted.
The report also said that Russia is cleverly exploiting loopholes in the sanctions system to expand financial resources.
This is reflected in the fact that Russia's exports to the top 20 trading partners in 2024 have increased by 18% compared to 2021, according to estimates by experts at the German Economic Institute, this increase is equivalent to about 330 billion USD in value of goods.
Preliminary data for 2025 also shows that the situation has almost no change, the report added.
According to the analysis, China, India, Turkey and Brazil are the main importers of goods from Russia, mainly oil, gas and other raw materials.
Moscow has now shifted its trade focus to countries in the global Southern group. However, the report also emphasized that Hungary and Slovakia are still among the most important trade partners of Russia in the EU.
US Senator Lindsey Graham is pushing for a bill calling for a 500% surcharge on imports from countries buying Russian oil and gas. However, analysts at the German Economic Institute have expressed skepticism that US President Donald Trump will support the measure. The report also questioned whether such a tax rate is technically feasible.
Last week, US Treasury Secretary Scott Bessent warned lawmakers that imposing too high a tax could undermine ongoing diplomatic efforts to resolve the conflict in Ukraine.
Speaking late last month at a meeting with business leaders, Russian President Vladimir Putin praised the country's remarkable economic performance in many fields, despite operating in "absolutely unfavorable and quite difficult conditions".
The Russian leader also cited the International Monetary Fund (IMF) ranking, according to which Russia ranks 4th in the world in terms of purchasing power parity (PPP).
