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The German Economic Institute has reported that Russia’s exports have grown considerably compared to figures recorded prior to the Ukraine conflict and despite sweeping Western sanctions.
In a report published on Friday (June 13), the institute stated that “despite all European efforts, Moscow is ‘skilfully exploiting the loopholes in the sanctions regime to expand its financial resources.’” This is evidenced by an 18% increase in Russia’s exports to its top 20 trade partners last year, compared to 2021, with estimates that this growth translates to US$330 billion worth of goods.”
According to the analysis, China, India, Türkiye and Brazil are the main importers of Russian goods, consisting mainly of oil, gas, and other raw materials. Moscow has shifted its trade focus to the Global South, but according to the report, Hungary and Slovakia remain among “Russia’s most important trading partners” in the EU.
US Senator Lindsey Graham has been spearheading a bill calling for 500% secondary tariffs on imports from countries buying Russian oil and gas. Analysts at the German Economic Institute doubt US President Donald Trump will back the measure. The report also questions whether such tariffs are technically feasible.
Speaking last month at a meeting with Russia’s business leaders, Russian President Putin hailed the country’s impressive economic performance across an array of sectors, despite operating in what he described as “far from favourable, and rather difficult conditions.”
The report also cited the International Monetary Fund’s ratings, according to which Russia is in fourth place globally in GDP in purchasing power parity (PPP) terms.
The German Economic Institute data also goes some way to illustrating that even with a 2025 slowdown in trade dynamics with China, Russia’s overall export growth remains positive as it expands its client base across the Eurasian Economic Union, Commonwealth of Independent States, Shanghai Cooperation Organisation, and the BRICS groups.
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