The paradigm shift that the war in Ukraine, which began eleven months ago, has brought about for European security has had a strong impact on economic relations between the invading country, Russia, and the countries of the European Union.
According to data published this Wednesday by Eurostat, the community statistical office, the trade deficit between the two parties was cut in half during the first six months of the conflict. Whereas in March 2022 it was 19.6 billion euros, by September, before the European embargo on Russian oil was applied, it had dropped to around 9.7 billion euros.
The effects of the sanctions imposed by the European Union on certain sectors of the Russian economy “have begun to be particularly visible in recent months,” explains Eurostat, which has published data every month that show an acceleration in the decline in activity. bilateral trade. Both net exports and imports have been reduced notably for both parties. In September of last year, Russia accounted for only 3.8% of EU imports, compared to 6.4% as of March, when the invasion had just begun; The same phenomenon is observed in the opposite direction: EU exports to Russia went from accounting for 2.3% of the total to 1.1% during the same period of time.
The decline in transactions with Russia has been especially acute in the case of coal, which has gone from being 45% of total EU imports in 2021 of this fuel to 13% in the third quarter of last year, natural gas (from 36% to 18%), fertilizers (from 29% to 17%), oil (from 25% to less than 15%) and, finally, iron and steel (from 16% to 5 %).
Only in the case of nickel, whose demand for the production of batteries has increased strongly in recent months, the commercial relationship has not only suffered the blow of the war but has grown slightly and represents around 43% of the total imports to the EU.
Although the EU has not vetoed the purchase of Russian gas, efforts by Germany, Italy and the Baltics in particular to reduce their dependence on Moscow this summer were compounded by the Kremlin’s decision to shut off supplies to Europe as a method of pressure to try to get the economic sanctions lifted.
As for oil, the Twenty-seven adopted a partial embargo in June that came into force in September and will further depress the economic relationship with Russia. In parallel, the European Union joined the pact of the G-7 countries to set a ceiling of 60 dollars per barrel of Russian crude oil transported by sea in the international market. The measure has had the effect of a sharp drop in its price in relation to the barrel of Brent, and it is currently trading well below the agreed limit.
