Russia’s Import Statistics 2022 – 18 Key Figures
Russia’s import statistics are viewed by many to be challenging due to the war that has begun between Russia and Ukraine. This subject is very crucial as it can also affect the imports and exports of other countries.
This article will show you the latest Russian import statistics available in 2022. We will discuss topics that can help you understand the situation of imports in Russia.
Once you finish reading this article, you will know the latest Russian import statistics that will allow you to know the situation of imports in the said country and how it affects other countries.
Before we tackle the sanctions imposed on Russia, we will give you a brief idea of what sanctions are. Sanctions are penalties imposed by one or more countries to stop them from acting aggressively or breaking international law. These penalties are one of the toughest actions a nation can impose on another country.
Now that you have a brief idea of sanctions, we will show you some of the sanctions that are imposed on Russia by other countries:
- The European Union (EU) will ban imports of Russian oil brought in via sea from December.
- By February 2023, The EU will ban all imports of refined oil products from Russia.
- The United States (US) has banned all Russian oil and gas imports.
- By the end of 2022, the United Kingdom (UK) will phase out Russian oil. It will no longer import Russian gas.
- The EU will stop importing Russian coal.
- The United Kingdom has imposed a 35% tax on some imports of Russia including vodka.
- Russia has been barred by the US to make debt payments using foreign currency held in US banks.
- Major Russian banks have been removed from Swift (an international financial messaging system) which has caused delayed payments to Russia for its oil and gas imports.
Russia’s ResponseRegarding the Sanctions
In March 2022, the president of Russia, Vladimir Putin, required companies that are based in the countries which have imposed sanctions to pay for their energy in the currency of Russia rather than the dollars or euros stipulated in their contracts.
Russia has also banned the export of over 200 products to “unfriendly countries” which covers telecommunications, automotive, electrical, medical, electronic, and agricultural goods.
It has also closed its airspace to European and US airlines. Thus, forcing some long-haul flights to Asia to take longer routes. Russia states that it will not return more than 400 aircraft leased from Western companies that were based in Russia. This has effectively seized almost $10 billion worth of planes.
Russia has sanctioned numerous Western politicians, the EU, Canada, Britain, and other countries in response to similar moves by those countries.
Global Impactof the Sanctions
There are two main channels through which the crisis affects the global economy which are the changes in commodity prices and disruption of the supply chain for commodities. Shortly after the start of the war, global prices of natural gas and oil rose sharply, especially gas in Europe.
Additionally, the prices of key mineral and food commodities increased including neon, palladium, nickel, corn, and wheat. The increase reflected fear rather than actual sanctioning or disruption of trade.
Higher global commodity prices will likely cause accelerated and prolonged high inflation in many countries, especially Europe and some least-developed countries.
Another important risk to the global economy is the disruption in the supply chain. Major container shippers, including the largest ones, are concerned about getting in the middle of the sanctions imposed by Western governments. Thus, they halted all cargo bookings to and from Russia with the exception of food and medicine.
Also, the banning of countries regarding their air space resulted in more costs as travel flights between Europe and Asia must take longer and more expensive routes. This also increased the costs and reduced the efficiency of transporting high-value merchandise.
The 18 Key Russia Import Statistical FiguresThat You Should Know
1. Russian imports are set to decline due to the worsening economic situation and limited access to imported goods because of the sanctions and payment restrictions.
2. Russia accounts for 40% of EU gas imports, 25% of oil imports, and 47% of imported solid fuels.
3. Many economists believe Russia will face “economic oblivion” in the long term due to international sanctions and the flight of businesses.
4. According to a January 22 report, before the war, Russia’s total imports recorded $23.3 Billion.
5. Russian imports show that the country imported $27 billion worth of goods in February.
6. 20 of Russia’s largest trading partners have shown a 50% drop in imports to Russia in April of 2022.
7. Falling imports have contributed to the growth of Russia’s trade surplus growth from $20 billion in January to $45 billion in April.
8. Since the invasion, more than 900 companies, including some of the largest multinational brands, have curtailed operations in Russia.
9. As businesses have curtailed their operations in Russia, it has lost companies representing 40% of its GDP.
10. The most reliable way to estimate the dynamics of Russian imports is the export figures for the country’s major trading partners as Russia classified its import figures.
11. The US president, Joe Biden, signed a bill in April that suspends normal trade relations with Russia which caused an increase in duties on numerous metal imports from Russia.
12. The CIS region see a 12% decline in imports and a 7.9% drop in GDP in 2022.
13. Western sanctions on Russian businesses and individuals will have a strong effect on commercial services trade.
14. BOFIT’s forecast has shown the Russian GDP contracting by 4% this 2022.
15. Russia’s growth prospect will be degraded once the EU’s oil import bans take effect.
16. The Russian economy is also expected to contract by 4% in 2023.
17. Domestic financial markets were the worst performers in the world despite the strict capital controls.
18. Private investment is forecast to severely fall by more than 20% in 2022.
+ What are Russia's import statistics
The import statistics of Russia will show you the performance of its imports amidst the war.
+ What is a sanction?
A sanction is a penalty imposed by one or more countries to stop them from acting aggressively or breaking international law.
+ When did the invasion begin?
The invasion began on February 24, 2022.
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