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9 Feb, 2024 06:14

Russian trade with ‘friendly’ states booming – minister

Turnover with the EU, meanwhile, more than halved in 2023, according to Maksim Reshetnikov
Russian trade with ‘friendly’ states booming – minister

Russia’s mutual trade with countries that have not sanctioned Moscow over the Ukraine conflict has surged over the past year, according to Minister of Economic Development Maksim Reshetnikov.

The minister, who on Thursday was addressing a forum held by the Russian Union of Industrialists and Entrepreneurs (RSPP), said that while trade with the EU had plummeted, Russia’s trade with ‘friendly’ countries has been hitting historic highs.

“The share of the European Union in our trade turnover decreased by more than half [last year], following the [imposition of] sanctions, and the share of friendly countries rose to 77%,” Reshetnikov said. “Last year, we reached record levels of mutual trade not only with the EAEU, but also with China, India, Egypt, the UAE, Brazil, and Singapore.” 

According to the minister, the development of transport and logistics infrastructure, among other things, has helped facilitate the growth in trade. Increased throughput capacity of border crossings has helped increase supplies, including by nearly 50% through the North-South corridor, he said.

The restrictions imposed by the US and its allies over the Ukraine conflict have limited Moscow’s access to numerous markets and have prompted an exodus of Western firms from Russia. However, Russian businesses have been diversifying suppliers and reorienting supply chains to support the economy.

According to a survey by the RSPP, more than 70% of Russian companies have found alternative suppliers of raw materials, services, and software in the domestic market over the past year. Roughly half have found new suppliers for equipment and components from ‘friendly’ countries abroad.

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