Page 59 - RusRPTFeb23

The trade turnover with the EU increased dramatically in 2022 despite the sanctions regime. However, the increase in dollar and euro terms was largely driven by soaring energy and commodity prices as the volume of goods traded fell heavily in the period. What the chart below shows is the pain inflicted on Europe by the war in Ukraine and the price shock induced by the war. Those countries that saw the biggest increases like Slovenia are also some of those that are most dependent on the imports of Russian gas. Others like Spain and Portugal that saw the smallest increases are amongst the least dependent.
59 RUSSIA Country Report February 2023 www.intellinews.com