Changes in Trade Between the EU and Russia
Trade between the European Union and Russia has undergone significant changes since the start of the war, with exports to Russia decreasing by 61% and imports from Russia dropping by 89%. This data indicates a substantial transformation in the trade relations that existed between these regions. The volume of Russian exports to the EU amounted to €21.7 billion, while imports of goods from the European Union to Russia were €22.2 billion.
The trade balance of the EU with Russia increased to €1.5 billion, indicating a positive balance for the European Union. The total trade turnover between the EU and Russia from January to September 2023 amounted to €43.9 billion. However, compared to the same period last year, trade turnover decreased by 12.9%.
Social and Economic Consequences
Moreover, discontent among workers in Russia has grown due to labor violations. The number of citizen appeals to Rostrud exceeded 70 thousand, which is one and a half times more than last year. These trends indicate a difficult situation in the labor market and highlight the consequences of economic changes caused by the war.
The decrease in export and import volumes between the EU and Russia points to serious economic consequences caused by the conflict, as well as a change in international trade relations. In light of new sanctions and trade restrictions, EU countries are forced to rethink their economic strategies regarding Russia. At the same time, the increase in labor violations and discontent among workers in Russia indicates a deterioration in the socio-economic situation within the country, which may have long-term consequences for its economy and stability.