Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russia and Ukraine Trade Turnover Falls by Two-Thirds

Trade between Russia and Ukraine began shrinking last year when relations between the two countries drastically worsened after the February overthrow of Moscow-friendly Ukrainian President Viktor Yanukovych.

Russian trade turnover with Ukraine fell by around 60 percent in the first four months of this year compared to the same period last year, according to a recent study by researchers at the World Trade Center Moscow, news agency RBC reported Wednesday.

Russian exports to Ukraine fell 63.5 percent, from $8.1 billion to $2.9 billion, while imports of Ukrainian goods fell 60 percent from $4 billion to 1.6 billion between January and April of this year.

Trade is expected to continue to fall this year, according to report contributor and head of the All-Russian Scientific Market Research Institute, Andrei Spartak.

"We predict a sharp fall in 2015. A turning point in this tendency is only possibly in 2017-18," said Spartak, RBC reported.  

Trade between Russia and Ukraine began shrinking last year when relations between the two countries drastically worsened after the February overthrow of Moscow-friendly Ukrainian President Viktor Yanukovych.

Yanukovych's ouster was then followed by Moscow's annexation of Ukraine's Crimean Peninsula and armed conflict between Kiev and Russian-backed separatists in Ukraine's east.

Russia's total foreign trade turnover dropped 41.8 percent during the first four months of 2015 to $54.1 billion, RBC reported, citing data from Russia's Federal Customs Service included in the World Trade Center's report. Russian exports dropped 35.2 percent to $110.4 billion against $170.4 billion last year as low oil prices and Western sanctions over the Ukraine crisis tightened access to financing.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more