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Huge decline: Russia's role as a trading partner in jeopardy
Russia is losing a lot of its importance for the Baden-Württemberg economy; Imports and exports are collapsing and new EU sanctions are taking effect.
Huge decline: Russia's role as a trading partner in jeopardy
Russia is increasingly losing importance as a trading partner for the Baden-Württemberg economy. According to current figures from 2022, imports from Russia only amounted to 100 million euros. For comparison, imports in 2021 still amounted to 1.9 billion euros. This marks a dramatic decline in trade relations, which until the second half of 2022 were still heavily focused on the energy sector.
Exports to Russia have also fallen significantly. While goods worth 3.8 billion euros were delivered to the country in 2021, exports only reached 800 million euros in 2022. These developments are the result of a series of economic and political changes, all due to the ongoing sanctions against Russia.
Current sanctions and their effects
In May 2023, the EU's 17th sanctions package against Russia came into force, which includes targeted measures against the Russian shadow fleet for oil transport. These sanctions are part of a broader European Union strategic plan aimed at reducing Russia's influence on the European market and restricting its access to essential economic resources. Another focus of the sanctions is on export bans for industrial and military-related goods as well as on restricting Russia in the area of capital and financial markets.
In addition, EU Commission President Ursula von der Leyen presented a proposal for an 18th sanctions package. This new package aims to further hit the banking and energy sectors in Russia. With these measures, the EU aims to increase pressure on the Russian government and send a clear message.
Summary of trading figures
| Year | Imports from Russia (in euros) | Exports to Russia (in euros) |
|---|---|---|
| 2021 | 1.9 billion | 3.8 billion |
| 2022 | 100 million | 800 million |
The effects of these trade changes are noticeable for the economy in Baden-Württemberg. The once close relations with Russia, which strongly influenced exchanges in the energy sector, no longer seem to be able to be maintained in the current geopolitical situation. In this context, the developments show both the fragility of international trade relationships and the need for strategic adjustments by the companies affected.
For further information on the sanctions and their background, we recommend reporting from Süddeutsche.de as well as the detailed overview BAFA.de.