Russia-EU trade turnover plunged over 20% in 2020

The volume of trade between Russia and the European Union declined by 21% last year to $219 billion, according to the Russian Deputy Foreign Minister Alexander Grushko.

He said during a round table titled ‘Russia-Europe: realities and prospects’ in the State Duma that Russia’s “Trade turnover with the European Union decreased in 2020, if you count the UK, by 21% compared to 2019.” Grushko added: “Although I recall that at the best times in 2013, this figure amounted to $417 billion, and in terms of weight in the EU's foreign trade, Russia was in the top league.”

Trade and business relations between Russia and the European Union have worsened since the introduction by Brussels of anti-Russian sanctions in 2014 over the events in Ukraine. Moscow has responded with counter-sanctions, banning a range of European products and launching an import substitution program.

Politicians from European countries have repeatedly called for the punitive measures to be canceled as they have become a major hurdle for business and economic growth.

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