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U.S.-Russia Trade Hits Two-Decade Low

Russia's Vostochny Port in the city of Nakhodka, Primorye region. Vrangel Bay (CC BY 4.0)

Trade between Russia and the United States has hit a two-decade low, according to the U.S. Census Bureau, as Moscow faces unprecedented isolation from the West due to its invasion of Ukraine.

Russian-U.S. trade turnover totaled $277.3 million in July 2023, the latest available month, marking an 11-fold drop from February 2022, according to analysis by Russia’s news website RBC.

Trade in goods for the month of July was the lowest since at least the early 2000s, when monthly data first began to be published.

Russian exports of $241.7 million made up almost 90% of the turnover, while U.S. exports shrank to $35.6 million.

January-July trade data showed $2.5 billion of the $3 billion worth of goods sold to the U.S. comprised of nuclear fuel, fertilizers and platinum group metals, according to RBC.

It did not indicate what kind of goods the U.S. has continued to export to Russia.

The U.S. ended “normal” trade relations with Russia last spring, as American President Joe Biden introduced steep tariff hikes on Russian imports.

Washington has imposed widespread sanctions on Russia for its full-scale invasion in Ukraine, including a ban on Russian oil, diamond and seafood imports.

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