Imports of Russian goods to the US fell by 1.7 times in June

In June, imports of Russian goods to the United States fell 1.7 times to $661.1 million from $1.12 billion in May, follows from datapublished by the US Census Bureau. This figure is comparable to 2004, when imports amounted to $653.5 million.

The volume of US exports to Russia also fell to $58 million in June from $77.4 million in May. A lower value was reached only in January 1992, when exports amounted to $1.3 million.

October 12, 2021 reportedthat Russian exports to the United States grew in January-July by 60% in annual terms and reached almost $10 billion. At the same time, imports from the United States increased by 25% and exceeded $16 billion. The trade turnover between Russia and the United States showed a steady growth trend, the Prime Minister noted Minister Mikhail Mishustin.

However, after the start of a special military operation in Ukraine on February 24, Western countries, including the US, EU, Canada and the UK, began to impose sanctions on Russia. As a result, US exports of goods to Russia fell sharply in March almost five times to $101.1 million against $497.5 million in February 2022 and $476.3 million in March 2021, informed RBC with reference to data from the US Census Bureau. In total, seven packages of sanctions were imposed against Russia, 20 July EU approved the latest package, which included a ban on the import of Russian gold and new export controls were introduced. For Russia, the sale of gold abroad is the second most valuable export flow after energy.

Also from August 10 will enter the ban on the purchase of Russian coal, which was introduced in the fifth package of sanctions, is in force. EU countries have declared their readiness to comply with the embargo, despite the energy crisis. On August 10, the ban on the import of Russian coal will also come into force in the UK.

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