https://sputnikglobe.com/20240630/west-loses-257-billion-on-trade-restrictions-with-russia-1119186488.html
West Loses $257 Billion on Trade Restrictions With Russia
West Loses $257 Billion on Trade Restrictions With Russia
Sputnik International
Importers from unfriendly countries got 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.
2024-06-30T07:55+0000
2024-06-30T07:55+0000
2024-06-30T07:55+0000
economy
russian economy under sanctions
pivot to asia
cost of living
us sanctions
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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.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.
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russian economy under sanctions, us sanctions, pivot to asia, cost of living, russian trade, russian exports
russian economy under sanctions, us sanctions, pivot to asia, cost of living, russian trade, russian exports
West Loses $257 Billion on Trade Restrictions With Russia
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.
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.
