Supply of goods from Europe to russia collapses to minimum for quarter of century

Russia continues to lose economic ties with its once largest trading partner, the European Union.

According to the results of August, the supply of goods to the terrorist country of the russian federation from European countries decreased by 18% compared to July, to EUR 2.5 billion, reports RIA Novosti with reference to Eurostat data. Compared to pre-war levels, when European imports reached EUR 7-8 billion per month (in 2021), the economy lost two-thirds of goods from the EU.

The total turnover of russia and the European Union dropped to the level of 1999: in August it amounted to EUR 5.1 billion. Russian exports to European countries fell by 12% to EUR 2.6 billion.

Russian customs statistics confirm: as a whole, for January-August, deliveries of goods from Europe fell by 10.8%, to USD 47.9 billion. At the same time, against the background of payment problems, imports from all regions of the world declined: from Asia - by 4.6% (to USD 118.1 billion), from America - by 9.9%, to USD 9.3 billion; from Africa - by 3.4%, to USD 2.2 billion.

The meager flow of russian-European trade may decrease even more in the near future: Raiffeisen Bank, the last major EU bank that continues to operate on the russian market, began to curtail business and limit cross-border payments in September.

In connection with the requirements of the European Central Bank, the bank intends to leave the possibility of trade operations only for a few large companies. And this will primarily affect importers of consumer goods, sources in trade and logistics companies told The Moscow Times.

According to one of them, this promises a further reduction of the assortment in stores, which after the war have already lost the usual brands of shoes, clothes, accessories, furniture and other goods.

"The consumer will notice the absence of brands to which he has become accustomed for many decades - there will be another "gaps" in stores," complained a source of The Moscow Times.

According to the results of January-August, the import of "textile products" and footwear in the russian federation has already fallen by 9%, to USD 12.1 billion, according to FMS statistics. In the next 6-9 months, due to problems with cross-border payments, the range of clothing and appliances in russian stores may shrink, Alfa Bank analysts previously warned.

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