Modest trade turnover between Russia & US manages to grow despite sanctions

The trade turnover between Russia and the US jumped 7.7% in the first quarter, compared to the same period last year, to $3.88 billion. However, economic restrictions imposed by Washington continue to impede growth.

The figures were revealed by the press service of Moscow’s economic policy, property and land relations complex, or Mosprom. According to the data, Russia’s capital exports to the US market increased by 7.6% in the first quarter of 2021, to nearly $1.87 billion.

Moscow’s share of the overall turnover has been gradually increasing over the past three years: from 39.2% in 2018 to 52% in 2020, to the current 55.3%. Exports of industrial products from the Russian capital to the US market amounted to $1.02 billion, which is 29.2% more than in 2020. These include mechanical equipment and products for the metallurgic and electronic industries. Moscow also holds a huge share in the export of agricultural goods and confectionery products.

“The United States remains one of the key partners of the Russian Federation [in trade],” Mosprom quoted Deputy Mayor for Economic Policy, Property and Land Relations Vladimir Yefimov as saying.

Last month, Russian President Vladimir Putin praised the increase in trade between Russia and the United States, saying it will inevitably benefit both countries. However, he lamented the restrictions imposed by Washington on the countries’ economic cooperation.

“As a result of these restrictions, including for American companies, some Americans left with losses and gave their business into the hands of their competitors from other countries. Well, why? There is practically no sense, but there are losses, [on both sides],” Putin said at a press conference following the summit in Geneva in June.

As for the future of economic cooperation, Putin said “it depends on the American side, we are not introducing any restrictions.”

According to the Office of the United States Trade Representative, Russia was the United States’ 40th largest goods export market in 2019, and 20th largest supplier of imported goods.

In the latest round of sanctions targeting Moscow in April, the US government banned American companies from investing in Russian bonds. A month earlier, Washington announced an expansion of restrictions on exports to Russia, including defense-related items.

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