US, Europe Maintain Billion-Dollar Trade Ties with Russia

Swift Summary

• U.S. president Donald Trump stated readiness to impose new energy sanctions on Russia if all NATO countries cease importing Russian oil.
• The European Union (EU) and the U.S. have imposed trade restrictions on Russia, leading to decreased imports and exports since 2021, but still maintain notable purchases:

– EU imports from Russia dropped by 89% between Q1 2022 and Q2 2025, while exports fell by 61%. A trade deficit turned into a surplus of €0.8 billion.
– Key commodities like fertilizers, enriched uranium, and natural gas remain in demand from Russia.

• Specific trade figures wiht the EU (Q2 of 2025):

– Oil imports fell considerably: down from 28.74% in 2021 to just 2%.
– Natural gas dropped: reduced from a share of nearly half (48%) in early years to just 12%; Algeria is now the EU’s top supplier at a growing share of ~27%.
– Fertilizers now make up about one-third (34%) of total Russian fertilizer markets; phased tariffs voted upon recently but awaiting visible effect implementation/scope based lawsnr sectors
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