Page 59 - Russia OUTLOOK 2024

Eurostat data shows that in 2022 the rising exports from Europe to Russia’s neighbours included several distinct types of goods: for example, telecoms equipment, microelectronics, transport technology and electronic equipment for data processing (computers, servers, hard disks, smartphones, computer peripherals).
Europe's dependence on Russia is hidden, not solved. Supplies via third countries hide Europe's true dependence on Russian raw materials, the FT reported. Swiss giant Glencore shipped thousands of tonnes of Russian copper through Turkey to Italy in July 2023. The report says that the London-listed oil and metals trader purchased at least 5,000 tonnes of copper sheet produced by Russia's Ural Mining and Metallurgical Company (UMMC). Then this was exported from Turkey to the Italian port of Livorno. The article notes that such deals underline Europe's dependence on Russia for the supply of critical goods, as well as Turkey's growing role as a "transshipment hub". Germany is also buying fuel from Indian refineries that import oil and petroleum products from Russia. In addition, two thirds of Russian oil products are transported by ships from the G7 countries. This was reported by the Energy and Clean Air Research Centre in Helsinki.
Trade between Russia and India has skyrocketed in 2023, with the turnover of goods in January-August already surpassing the total for the previous year. According to data from the Indian Ministry of Commerce and Industry, total trade between the two countries in the first eight months of the year reached $43.8bn, an all-time high. If that were extrapolated to the year end it would result in a bilateral trade volume of $65.7bn.
59 Russia OUTLOOK 2024 www.intellinews.com