Support sanctions, increase trade: Poland, Moldova and Switzerland are the TOP-3 countries that have increased trade with Russia

Countries supporting anti-Russian sanctions are the leaders as to growth of trade with Russia according to analysts of FinExpertiza network.

In January-October of 2018, Russia's foreign trade turnover amounted to $ 567 billion. It increased by 20% compared to the analogous period of 2017. Among 27 countries which significantly increased trade, 17 countries support anti-Russian sanctions. Trade with these countries accounted for 48% of the Russia's trade for ten months of 2018, and it amounted to $ 271.6 billion.

The maximum growth in the foreign trade for 2018 was reached as to Poland(an increase of 37.5%) followed by Moldova (31%) and Switzerland (30.1%).

Despite a real breakthrough in trade relations with Russia for 10 months of 2018, none of them managed to get closer to 2013 level which was before sanctions. Those closest to this level include Moldova with the volume for 2018 equal to 91.8% of that for 2013, followed by Poland with restoration of 81.2% in trade. Commodity turnover as to Switzerland remained at a rather low level and amounted to 66.8% of that before sanctions.

In 2018, the main trend in Russian trade with the countries supporting sanctions was a reduction in import and an increase in export. In trade with Poland over the past year, the export / import ratio changed from 70.35% / 29.36% to 76.2% / 23.8%. In trade with Moldova, this ratio changed from 71% / 29% to 76.6% / 23.4%, with Switzerland - from 63.71% / 36.29% to 64.8% / 35.2%.

In export from Russia, petroleum products are a common component for all three countries. In addition, Poland purchased Russian aluminum and ferrous metals, Moldova - fertilizers, and Switzerland - nickel and aluminum.

In import to Russia, Poland supplied equipment and vehicles. Imported products from Moldova were mainly fruits. Switzerland supplied pharmaceuticals and equipment to Russia.

"Figures show that pragmatism in trade relations comes to the fore today. This is a classic situation of unity of entrepreneurs, when businessmen practice aggressive rhetoric and shake hands under the table. Details in the study by FinExpertiza."

Elena Trubnikova
CEO of OOO FinExpertiza-Capital

FinExpertiza research.
28 January 2019

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