China has become Russia’s main trading partner as imports from the EU contracted sharply following sanctions imposed by western countries in response to Moscow’s invasion of Ukraine.
The Germany-based Kiel Institute for the World Economy calculated that in June, July and August, Russia’s goods imports were 24 per cent lower than for the same period last year, leading to a monthly import gap worth $4.5bn.
The fall was driven by contracting trade with the EU, down 43 per cent as a result of tough Brussels sanctions targeting the Russian economy, while Russian trade with China increased 23 per cent, making the world’s second-largest economy Russia’s top trading partner. Moscow stopped publishing most foreign trade data after the start of the war in February,