February 24, 2024 6:26 am

Russian trade with West forecast to plunge — RT Business News

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Sanctions have pushed Moscow towards expanding cooperation with Asia and the Middle East

Russia’s trade with ‘unfriendly’ countries has dropped threefold since 2021 and is on course for a further decline, according to a report from the Russian Center for Strategic Research (CSR) published on Saturday. The term ‘unfriendly’ refers to Western countries and their allies that placed sanctions on Moscow in connection with the Ukraine conflict.

While at the end of 2021, Russian exports to these countries amounted to 55% and imports made up some 26% of its total trade, by the end of this year both indicators are expected to drop to 16% and 7%, respectively. By 2030, Russia’s economic cooperation with ‘unfriendly’ states is forecast to decrease five times against 2021 figures, analysts say.

According to the first deputy head of the center, Tatyana Gorovaya, the West’s sanctions pressure “led to a qualitative and comprehensive reassessment of [Russia’s] foreign economic priorities,” resulting in growing economic cooperation with Asia and the Middle East.

The CSR estimated that since early 2022, the volume of Moscow’s exports to India jumped nearly 3.5 times, to China and Turkey by 15% each, to Azerbaijan by 27%, and by 7% to Iran. Russia’s imports from China rose by more than a third, from Turkey by 17%, and from Southeast Asia by 26%.

Analysts expect the structure of Russian exports to remain stable throughout the decade and to be based on raw materials, with the largest export share taken by crude oil and petroleum products (about 34%), coal (21%) and gas (19%).

With regard to imports, the largest share will be taken by mineral products and coal (21%), while imports of food and agricultural products are expected to decrease by 3% compared to 2021 figures, which experts see as a sign of improvement in the country’s food security

For more stories on economy & finance visit RT’s business section

You can share this story on social media:

Source link

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Original Source: Russian trade with West forecast to plunge — RT Business News

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Related News

Let’s not lose touch…Your Government and Big Tech are actively trying to censor the information reported by The ANR to serve their own needs. Subscribe now to make sure you receive the latest uncensored news in your inbox…

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Discover more from The ANR

Subscribe now to keep reading and get access to the full archive.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8