Russia makes billions from trade with US and Europe – Reuters
Photo: The EU and the US trade billions of dollars worth of goods with Russia (Getty Images)
Three and a half years after Russia's full-scale invasion of Ukraine, the US and the European Union continue to import billions of dollars worth of Russian energy and goods. The list includes liquefied natural gas, enriched uranium, and other resources, reports Reuters.
EU, US trade with Russia
According to Eurostat, after a series of import and export restrictions were imposed, EU exports to Russia fell by 61% and imports from Russia fell by 89% between the first quarter of 2022 and the second quarter of 2025.
Despite this, the EU continues to purchase Russian oil, nickel, natural gas, fertilizers, iron, and steel.
Total trade amounted to €14.5 billion. EU imports amounted to €7 billion and exports to €7.5 billion, resulting in a trade surplus of €0.5 billion.
US imports from Russia fell from $14.1 billion in the first half of 2021 to $2.5 billion in the first half of 2025. Since January 2022, the US has imported $24.5 billion worth of Russian goods.
Oil and gas
Russia's share of oil supplies to the EU fell from 28.74% in 2021 to 2.01% in 2025. Oil imports fell from 29% in the first quarter of 2021 to 2% in the second quarter of 2025.
Russia's share of natural gas imports to the EU fell from 48% in the first quarter of 2021 to 12% in the second quarter of 2025. At the same time, supplies from Norway increased by 10% and from Algeria by 2%, making the country the EU's largest gas import partner. Russia continues to supply Hungary and Bulgaria via the TurkStream gas pipeline.
Liquefied gas and metals
Russia's share of liquefied gas imports to the EU fell from 22% in the first quarter of 2021 to 14% in the second quarter of 2025. The US became the largest supplier of LNG, accounting for 54% of imports.
Imports of Russian iron and steel to the EU fell from 18% to 6% in four years.
Fertilizers
Russia remains the largest supplier of fertilizers to the 27 EU countries, increasing its market share from 28% to 34% over the past four years. In May, the European Parliament voted to impose prohibitive tariffs on Russian fertilizers, but they will be introduced gradually, and it is too early to assess their effect on the market.
US President Donald Trump said that the United States is ready to impose new energy sanctions against Russia. However, this will only be possible if all NATO countries stop purchasing Russian oil and take similar measures.
