Chinese 100, 50, 20, 10 and 5 yuan bills and Russian 1,000 and 100 ruble bills - Sputnik International, 1920
Get breaking stories and analysis on the global economy from Sputnik.

West Loses $257 Billion on Trade Restrictions With Russia

© Flickr / reynermediaA lot of dollars
A lot of dollars - Sputnik International, 1920, 30.06.2024
Western trade restrictions forced Russian companies to focus on markets in the Global South with enormous purchasing power.
Importers from unfriendly countries received less Russian goods in the amount of $256.5 billion, while Russia managed to sell these goods to other states and made a profit of almost $31 billion, Sputnik calculated using open data.
According to the trade statistics, Russian exports to unfriendly countries were uneven - while some items grew, others shrank. Russia saw an increase in exports compared to the pre-sanctions period, with companies earning an additional $31 billion from trade with friendly countries, data from the Federal Customs Service show.
President Vladimir Putin “continues to hold the door open for a resolution” of conflicts between NATO and Russia, said former US Marine Corps intelligence officer Scott Ritter, but the country will embrace a new multipolar world led by institutions like the BRICS economic bloc - Sputnik International, 1920, 08.06.2024
Scott Ritter: Putin Seeks Resolution With NATO but Russia's Future is in BRICS
Western importers were mostly undersupplied with Russian minerals ($107 billion), jewelry ($38 billion) and metals ($21 billion).
Russia has repeatedly stressed that it is happy to trade with friendly nations in the wake of Western economic sanctions and warned that these restrictive measures will backfire, spurring inflation and triggering a cost-of-living crisis.

In January-February trade between Russia and China grew by 9.3%, with exports from Russia exceeding $20 billion. Earlier, Vladimir Putin and Xi Jinping set the goal of doubling bilateral trade. The goal was reached in November 2023.
To participate in the discussion
log in or register
Заголовок открываемого материала