Page 82 - RusRPTJul24

Overall, a substantial growth of supplies of Russian fertilizers to friendly countries was registered over the past two years, with the share of those countries having risen to 78% of total exports in 2023 compared with 69% in 2019," he said.
The EU has significantly increased its purchases of Russian metals, reaching the highest levels since May of last year, recent trade data reveals. Still, dependent on Russian metal inputs, the EU has yet to impose significant sanctions on Russian metals, although there is a debate on adding aluminium to the fourteenth sanctions package currently being debated. Belgium led the surge with imports amounting to €130.5mn, marking a 3.5-fold increase and setting a record since June 2022. Italy followed with purchases worth €85mn, while Denmark imported €35mn, the Czech Republic €23mn, the Netherlands €20mn, and Hungary €13.7mn. Overall, in March 2024, imports of iron and steel from Russia to the EU increased 1.7 times, reaching €328mn. Aluminium imports also saw a notable rise, with a 29% year-over-year increase. Germany's aluminium imports quintupled to €22.4mn. Spain experienced a 69% increase, and Poland saw a 21% rise in aluminium imports. A notable twist in this development is the issue of environmental sustainability and quality standards. Surprisingly, not all metals from countries like Australia, the US, and South Korea meet European standards for environmental sustainability, reliability, and quality. According to industry insiders, only metals from Russia fully comply with these stringent European standards.
The world's largest pharmaceutical company Eli Lilly refused to supply its Humalog insulin to Russia. Eli Lilly's drug doesn't have a big market share, but it has been a proven treatment for patients with type 1 diabetes, most of whom are children. Most often, their parents do not want to switch to Russian analogues. In general, the products of Western pharmaceutical companies occupy 75% of the Russian insulin market, although almost all of their production is localized in Russia.
Russia’s export of sausage products increased by 21% in January-April 2024 y/y to almost 15,000 tonnes, the Agroexport federal center reported. Supplies to Kazakhstan were the growth driver, with over 11,000 tonnes of sausage products delivered to the country in the reporting period, which is 21% higher than in the same period last year, Agroexport said. Azerbaijan and Abkhazia are also among top three importers of Russian sausage products, the federal center added.
5.2.2 Current account dynamics
The current account surplus in May 2024 was $5.1 billion against $7.1 billion in April 2024. Its decline against the backdrop of a stable trade balance is associated with a slight increase in the deficit in the balance on investment income, primarily due to dividends declared by a number of large Russian
82 RUSSIA Country Report July 2024 www.intellinews.com