As the EU reduces its reliance on Russia, recent figures show that exports to the country have fallen by 58%, while imports have dropped by 86%, particularly for nickel and petroleum oil.
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00:00Where does the EU stand on trading goods with Russia?
00:08EU trade with Russia has been strongly affected since the start of Russia's invasion of Ukraine.
00:14The EU has imposed various import and export restrictions on several products, leading
00:20to 58% decline in exports to Russia and a 86% drop in imports from Russia between the
00:28first quarter of 2022 and the third quarter of 2024.
00:33Nickel, petroleum oil, natural gas, fertilizers, iron and steel are key products imported by
00:41the EU from Russia.
00:42When comparing the third quarter of 2022 with the third quarter of 2024, the largest declines
00:49were observed in nickel and petroleum oil, which fell by 21 percentage points and 17
00:56percentage points, respectively.
00:58However, during the same period, imports of fertilizers increased by 13% points, while
01:04shares of natural gas, iron and steel saw growth of 2 and 3 percentage points.
01:11To reduce dependence on Russia, the EU has introduced a series of energy deals and restrictions
01:17on some of these key product categories.
01:20And despite denials from the European Commission, there have been claims that this is creating
01:25a backdoor for more Russian gas to reach the continent.