Headlines
Factbox-Three years into war, US and Europe keep billions in trade with Russia
Published by Global Banking and Finance Review
Posted on August 5, 2025
4 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on August 5, 2025
4 min readLast updated: January 22, 2026
Despite the conflict, the US and Europe continue significant trade with Russia, mainly in energy and commodities, while India's imports surge.
(Reuters) -Three years after Russian President Vladimir Putin launched his full-scale invasion of Ukraine, the United States and European Union still import billions of euros worth of Russian energy and commodities, ranging from liquefied natural gas to enriched uranium.
India this week lashed out at what it called Western double standards, after facing renewed threats from U.S. President Donald Trump over its surging purchases of Russian crude oil.
Here are the main commercial ties that the U.S., Europe, and India maintain with Russia, and their evolution over the last four years:
EUROPE IMPORTS FROM RUSSIA
Since the beginning of the war, trade between the EU and Russia has drastically contracted due to EU sanctions and import restrictions on some products. Imports from Russia fell by 86% from the first quarter of 2022 through the first quarter of this year, according to the latest data from Eurostat.
Imports of goods from Russia in the first quarter of 2025 totaled 8.74 billion euros ($10.11 billion), down from 30.58 billion euros four years earlier. Since January 2022, the EU has imported 297 billion euros' worth of Russian goods.
The EU, however, continues to purchase oil, nickel, natural gas, fertilizer, iron, and steel from Russia.
* OIL
Four years ago, Russia was the largest supplier of petroleum products to the EU, but the EU ban on maritime imports of Russian crude oil reduced its share to 2.01% in 2025 from 28.74% in 2021. Oil imports fell to 1.48 billion euros in the first quarter of 2025 from 14.06 billion euros four years ago.
* NATURAL GAS
Russia's share in natural gas plummeted to 17% in the first quarter of 2025 from 48% in 2021's first quarter.
* IRON AND STEEL
Russia's share in non-EU iron and steel imports slumped to 7.71% in the first quarter of 2025 from 18.28% four years ago.
* FERTILIZERS
As for fertilizers, a sector in which the European Parliament voted in May to impose prohibitive tariffs, Russia remained, as of the first quarter of 2025, the largest exporter to the European Union. Its share fell slightly from 28.15% to 25.62% in the last four years.
INDIA IMPORTS FROM RUSSIA
In contrast to Europe, India's imports from Moscow surged to $65.7 billion in 2024 from $8.25 billion in 2021, data from the Indian Commerce Ministry website showed.
* OIL
Crude oil has been the biggest driver of the growth in India's imports from Russia, jumping to $52.2 billion in 2024 from $2.31 billion in 2021.
* COAL PRODUCTS
India's imports of coal and coal-related products from Russia surged to $3.5 billion from $1.12 billion in 2021.
* FERTILIZERS
India's fertilizer imports from Russia rose to $1.67 billion in 2024 from $483 million in 2021.
U.S. IMPORTS FROM RUSSIA
U.S. imports from Russia fell to $2.50 billion in the first half of 2025 from $14.14 billion four years earlier, according to U.S. Census Bureau and U.S. Bureau of Economic Analysis data. Since January 2022, the U.S. has imported $24.51 billion of Russian goods.
* FERTILIZERS
Last year, the U.S. imported around $1.27 billion of Russian fertilizers, up slightly from $1.14 billion in 2021.
* URANIUM, PLUTONIUM
The U.S. imported enriched uranium and plutonium from Russia worth around $624 million in 2024, down from $646 million in 2021.
* PALLADIUM
Russia exported palladium to the United States for around $878 million in 2024, down from $1.59 billion in 2021.
($1 = 0.8641 euros)
(Reporting by Mireia Merino and Tristan VeyetEditing by Rod Nickel)
Economic sanctions are restrictions imposed by countries on trade and financial transactions to influence or punish a nation's behavior.
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state for ease of storage and transport.
Enriched uranium is uranium in which the proportion of the isotope U-235 has been increased, making it suitable for use in nuclear reactors and weapons.
Explore more articles in the Headlines category
