Trade volumes in Russia have returned to the pre-war level.

As the EP writes, Western sanctions have not caused significant damage to Russian trade. The indicators for exports and imports by the Russian Federation returned to the 2021 level. In 2022, prior to sanctions and amid high global energy prices, Russian exports reached $591B. This is the highest figure in the entire history of the Russian Federation.

At the beginning of this year, global prices fell, and the embargo on Russian oil came into effect. In the first half of 2023, exports from Russia fell from $306 to $206B, year-over-year. This is a 30% drop, but the indicator has not fallen below the pre-war level.

A similar situation exists with Russian imports. In 2022, they decreased by 13%, but in the first half of 2023, they exceeded the pre-invasion indicator. The Russian’s trade surplus during this period amounted to $57B.