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4 I Companies & Markets bne March 2023
Lithuanian trade with Russia was down by a third in January to November, while Latvian imports from Russia rose by 5% in January to October. / bne IntelliNews
Baltic companies still trading extensively with Russia
Linas Jegelevicius in Vilnius
Baltic companies have continued to trade extensively in unsanctioned goods with their giant neighbour Russia since President Vladimir Putin’s invasion of Ukraine, despite their governments' staunch opposition to the Russian aggression.
But they are far from the worst performers in Europe. The Baltic states at least have the excuse of geography and deep trade ties dating from their time as part of the Soviet Union. Some European states far from Russia and without their historic links have actually increased trade with Russia since the invasion.
Only slightly more than half of the Lithuanian companies that export to Russia have cut their business ties there
since Putin’s invasion of Ukraine, while some 260 continue exporting, according to Lithuanian public broadcaster LRT. The situation in Estonia and Latvia – which have also taken a very hawkish line on Moscow’s aggression – is similar.
In Lithuania trade turnover with Russia between January and November 2022 decreased by 31% year on year, exports shrank by 26.2% and imports plunged by 35.1%.
www.bne.eu
“If we looked at the trade statistics, it is evident that unsanctioned goods continue to flow from Lithuania to Russia. And furthermore, trade with Russia continues to grow. Formally, it is legal but hugely amoral. Interestingly, the names of firms doing business with Russia cannot be made public due to the data protection provisions. It is preposterous,” Sigitas Besagirskas, president of the Vilnius Association of Industry and Business (VAIB), told bne IntelliNews.
Products most often exported to Russia by Lithuanian companies include optics, medical and measuring
“If we looked at the trade statistics, it is evident that unsanctioned goods continue to flow from Lithuania to Russia. And furthermore, trade with Russia continues to grow”