Table of Contents
Are Russian imports banned?
Russia has maintained a ban on the importation of nearly all U.S. as well as most European food products since August 2014 in response to Ukraine-related sanctions.
Who are Russia’s main import partners?
China
List of the largest trading partners of Russia
| Rank | Country | Import (2017) |
|---|---|---|
| 1. | China | 43.8 |
| 2. | Germany | 27.3 |
| 3. | Belarus | 12.5 |
| 4. | United States | 10.9 |
Does Russia import or export food?
In volume terms, Russian producers shipped 79 million tons of grain, meat, fish, vegetables, dairy and other products around the world. With food imports coming in at $29.7 billion according to separate government data, 2020 was also the first year in which Russia was a net exporter of agricultural goods.
How much does Russia rely on trade?
Russian foreign trade in figures
| Foreign Trade Values | 2016 | 2017 |
|---|---|---|
| Imports of Goods (million USD) | 191,406 | 238,384 |
| Exports of Goods (million USD) | 281,825 | 353,104 |
| Imports of Services (million USD) | 74,379 | 87,400 |
| Exports of Services (million USD) | 50,504 | 56,847 |
Is Russia’s import substitution strategy a success?
Russia’s import substitution has not been a great success. The biggest winner was the agricultural sector, which was about to be opened to stiff competition from Europe following Russia’s accession to the World Trade Organization (WTO) in 2014.
How will the price of oil affect the Russian rouble?
The nation’s commitment to import substitution will be tested if the price of oil rises. The strength of the rouble is bound up with the price of oil. The currency’s depreciation since 2014 provides an opportunity for Russian producers to benefit from price competitiveness.
Can Russia diversify its economy?
Real diversification will occur only if new industries are export-oriented. The relatively modest volume of financial resources allocated to achieving import substitution is dwarfed by the magnitude of the ambition. Russia is in the grip of a wider economic downturn that is proving intractable.
Why are there restrictions on imports in Russia?
Russian industry is currently heavily dependent on imported machinery. In particular, the market shares of Russian companies in quality product categories are quite small. Officially, restrictions on imports are intended to reduce dependence on foreign countries and diversify the domestic production structure.