Russia is struggling to find new sources of imports

Abstract

Russia’s brutal war in Ukraine has affected the Russian economy through various channels. In particular, there has been a substantial decline in imports due to the heightened uncertainty and the international sanctions prompted by the war. The EU, the US and the UK have imposed wide restrictions on exports to Russia, and a number of other countries have also agreed to impose sanctions, at least in part. The European Commission estimates that the export restrictions represent 28% of the value of pre-war goods exports from the EU to Russia.