Russia’s Import Statistics 2023 – 18 Key Figures

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. The economy of Russia has rebounded in recent months as importers found new avenues to bring consumer goods and other products into the country. 

2. New research reveals that alternative supply routes and the ability to replace goods made in Russia-friendly countries, like China, for Western-made alternatives have brought Russian imports back to prewar levels.

3. Many analysts predict that Russia’s imports may have already recovered to pre-war levels. 

4. Russia’s total chip imports remain below prewar levels.

5. Russia was the UK’s 27th largest trading partner in the four quarters to the end of Q3 2022 accounting for 0.7% of total UK trade.

6. The EU is the largest importer of Russian fossil fuels in 2023.

7. Four of the top five ports importing Russian fossil fuels were in Asia, with crude oil and coal as the imported commodities.

8. Russia’s economy is forecasted to grow more quickly than Germany’s and Britain’s in 2023. 

9. The IMF predicts that the Russian economy will start growing in 2023, expanding by 0.3%, and then 2.1% in 2024. 

10. Imports from Russia proved to be more resilient than headlines about the sanctions as it deepens its relations with countries such as Turkey and China. 

11. Russian contract prices became less competitive versus European hub prices in January as spot prices plunged, leading to a likely buyer-led reduction in imports.

12. An analyst told CNBC that sanctions imposed on Russian crude oil have so far “failed completely” and new price caps could prove immaterial as well

13. The European Union is planning to ban imports of refined petroleum products from Russia in February of 2023. 

14. Both China and India have increased their purchases of Russian oil in the wake of Moscow’s invasion of Ukraine, benefiting from discounted rates.

15. The price cap on Russian diesel aims to keep markets supplied and cut Moscow’s revenue. 

16. The restrictions on crude oil imports have been applied since December 5, 2022, and the ban on refined petroleum products will take effect on February 5, 2023.

17. India’s crude oil imports from Russia hit a record 680.7 percent growth rate last year.

18. According to a report by S&P Global Commodity Insights, India is likely to continue importing large volumes of Russian crude oil this year.