Despite sanctions, the US and Europe are doing billions in business with Russia

US President Donald Trump said the US is ready to slap new energy sanctions on Russia—but only if all NATO countries join in and stop buying Russian oil.

Three years after the start of the war in Ukraine, both the EU and the US continue to import Russian raw materials. However, trade has changed dramatically. According to Eurostat, EU exports to Russia have fallen by 61% since 2022, while imports have fallen by as much as 89%. While imports fell sharply, EU exports to Russia rose slightly in 2025.

Russia's share of EU oil imports fell from 29% in 2021 to just 2% in 2025. For natural gas, it fell from 48% to 12%, with Algeria and Norway becoming the main suppliers. For LNG, Russia's share fell to 14%, while the US became the dominant supplier with 54%.

The situation was different for fertilizers, where Russia was able to expand its position and accounted for 34% of EU imports in 2025. Iron and steel were less significant, with their share falling to 6%.

US trade with Russia has plummeted from $14 billion to $2.5 billion since 2021. Nevertheless, Washington continues to import Russian fertilizers, uranium, and palladium, albeit in smaller quantities.

(reuters, est)