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Bloomberg: Russia is gradually making up for losses from EU sanctions by increasing trade with China

Bloomberg: Russia is gradually making up for losses from EU sanctions by increasing trade with China
Bloomberg: Russia is gradually making up for losses from EU sanctions by increasing trade with China

 

BY TOP WAR

 

As a result of the introduction of large-scale anti-Russian sanctions, the trade turnover between the Russian Federation and the EU has sharply decreased. To compensate for these losses, Moscow is taking intensified steps to reorient trade flows to the east, primarily by increasing export-import cooperation with China. But, according to Bloomberg, so far Beijing has not been able to fully compensate for the dropped volumes, primarily due to problems with logistics.

Vincent Stamer, a researcher at the German Kiel Institute for the World Economy, told the publication that Russia’s previously busiest port in St. Petersburg was facing an 85% drop in container throughput compared to the previous year. Such a volume of loss of cargo traffic is due to the fact that the port mainly served container traffic with the EU countries.

According to the German analytical center, due to the sanctions policy of the European Union, Russia is losing about 24% of imports of goods every month compared to 2021. In value terms, the monthly import deficit reached $4,5 billion. This is comparable to the drop in trade that the state suffered in April 2020 due to the closure of borders due to pandemic restrictions.

The loss of a quarter of national imports is quite significant. Imagine that such a drop in imports occurs every month

Stamer comments on the situation.

 

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