When the Russia-Ukraine conflict broke out in 2022, trade between the EU and Russia decreased sharply due to the EU's sanctions and restrictions on imports of some products.
According to Eurostat, the amount of imports from Russia to the EU will decrease by 86% from the first quarter of 2022 to the first quarter of 2025.
In the first quarter of 2025 alone, the total value of imports of goods from Russia to the EU reached 8.74 billion euros, down sharply from 30.58 billion euros in 2021. Since January 2022, the EU has imported 297 billion euros in goods from Russia.
However, the European Union continues to buy oil, nickel, gas, fertilizer, iron and steel from Russia.
In 2021, Russia was the largest oil supplier to the EU. The EU ban on seaborne crude oil imports has since reduced Russia's market share from 28.74% in 2021 to 2.01% in 2025. The value of Russian oil imports to the EU also decreased sharply from 14.06 billion euros in 2021 to 1.48 billion euros in the first quarter of 2025.
From 48% in the first quarter of 2021, the share of Russian gas in the EU fell to 17% in the first quarter of 2025.
Russia accounts for about 7.71% of the EU's import turnover of iron and steel in the first quarter of 2025, down sharply from 18.28% 4 years ago.
Russia is still the largest fertilizer exporter to the EU as of the first quarter of 2025. Over the past four years, Russia's market share has fallen slightly from 28.15% to 25.62%.
Meanwhile, India's import turnover of Russian goods skyrocketed from 8.25 billion USD in 2021 to 65.7 billion USD in 2024, according to the Indian Ministry of Commerce.
Crude oil is the biggest driver of import growth, with turnover skyrocketing from 2.31 billion USD in 2021 to 52.2 billion USD in 2024.
India also sharply increased imports of coal and coal-related products from Russia from 1.12 billion USD in 2021 to 3.5 billion USD in 2024.
The amount of Russian fertilizer that India imports in 2024 will reach 1.67 billion USD, up from 483 million USD in 2021.
According to the US Bureau of Population Statistics and the US Bureau of Economic Analysis, import turnover from Russia to the US decreased from 14.14 billion USD in 2021 to 2.5 billion USD in the first half of 2025.
Since January 2022, the US has imported 24.51 billion USD of Russian goods. In 2024, the US will import about 1.27 billion USD of fertilizers from Russia, up slightly from 1.14 billion USD in 2021.
The US imports of uranium and plutonium have enriched from Russia with a value of about 624 million USD in 2024, down from 646 million USD in 2021.
Russia exports palladium to the US for about 878 million USD in 2024, down from 1.59 billion USD in 2021.
