​​For first time since 1999, trade turnover between Russia and EU falls below 5 billion euros

In June, the trade turnover between Russia and the European Union (EU) totalled EUR4.9 billion, which is down by 10%. This is the lowest figure since September 1999, when it was 4.6 billion euros.  Source: Russian newspaper Kommersant with reference to Eurostat data

Details: According to the statistics service, in June, the supply of Russian goods to the EU decreased by 14% compared to May and amounted to 2.5 billion euros. This is the lowest figure since February 1999. 

The bulk of Russian exports to the EU were gas (EUR1.1 billion), oil and oil products (EUR333 million), and iron and steel (EUR164 million).  At the same time, June supplies of European products to Russia decreased by 5% month-on-month, to EUR 2.4 billion.

The key categories of European exports to Russia were pharmaceuticals (EUR634 million), equipment (EUR262 million), and optical instruments (EUR203 million).  Eurostat reports that Russia's largest drop in trade in June was with Portugal, down by more than fourfold. It also fell by about half with Czechia and Ireland. 

At the same time, the trade turnover with some countries increased in June.

For example, Russia's trade with Bulgaria and Romania grew by 15%. 

Background: Moscow may face an electricity shortage in the coming years.

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