November 28, 2022

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Sanctions and trade with Russia.  Surprising results for the New York Times.

Sanctions and trade with Russia. Surprising results for the New York Times.

After the Russian invasion of Ukraine Western countries imposed several packages of sanctions on Russiawhich would have drastically weakened its economy.

Many Russian energy companies have been denied access to large markets in the European Union and the United States, the sale of some high-tech goods has stopped, and dozens of international companies have left Russia.

In response, Russia tried to redirect exports to China and India, which did not support sanctions, and to organize parallel imports from neighboring countries.

It seems that the economic war was supposed to almost completely destroy the trade relations of Russia with a huge number of countries. Meanwhile, according to an analysis by the American newspaper “The New York Times” based on statistics from the Observatory of Economic Complexity, the actual changes in trade between Russia and the world after February 2022 are far from the ambiguity that one might expect. .

Russia is developing trade not only with China and India

The total volume of trade exchange of Russia with certain countries not only decreased, but also increased, including. Because of the high prices of raw materials.

Charts compiled by the independent Russian portal Meduza, based on New York Times reports, show that the list of countries where Russia trades at its best includes not only India (up 310%), Turkey (+198%) and China (+64%) , but also EU members – Belgium (+81%), Spain (+57%) and the Netherlands (+32%).

The list also includes Norway (+16%) – a country that does not belong to the European Union, but is a member of NATO.

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Medusa points out that not all countries keep trade statistics at an equal speed, so the number of months from the start of the war to the last month for which data is available may vary.


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