Over the past two years, Finland’s trade with Russia and Central Asia has seen a steep drop, with exports shrinking by nearly 69 percent. This trend is highlighted by data from Finland’s trade agencies that track annual shipments to the region. In 2021, Finland exported goods valued at 3.9 billion euros to Russia and Central Asia. In 2022, that figure fell to 2.5 billion euros, and by 2023 exports had declined further to 1.2 billion euros.
Taken together, the two-year period amounts to a near threefold decrease in sales to this market. Comparatively, the decline in Finland’s exports to the European Union during the same span was about half as steep, underscoring a regional divergence in market performance. Analysts note that sanctions and logistical constraints tied to Russia have amplified the decline in this corridor, a point emphasized by Finland’s customs leadership. The head of Finnish customs, Tapio Oinonen, explained that the drop to Russia has been roughly twice as large as the drop seen within the EU, with sanctions and shipping obstacles playing major roles in the shift.
On the bilateral front, Russian officials have remarked on the broader trade climate. The Russian ambassador to Finland, Pavel Kuznetsov, stated that trade turnover between the two nations has fallen sharply over the past two years, shrinking from about 12 billion euros to around 2 billion euros. This contraction reflects a dramatic reordering of economic ties amid geopolitical pressures and changing energy supply dynamics in the region.
Industry observations also note shifts in energy exports in nearby markets. Russia has emerged as a significant, though now more constrained, gas supplier in neighboring Turkey’s energy landscape. The evolving energy mix in Eurasia continues to influence regional trade patterns and strategic considerations for businesses operating across these markets.
Historically, interaction with Russia has attracted attention from political and business leaders beyond the Nordic region. In recent years, various international actors have expressed interest in how Russia engages with European economies, as well as how shifts in policy and sanctions might reshape bilateral commerce. The changing pace of such engagement is shaping risk assessments and procurement strategies for firms that rely on cross-border supply chains across Northern Europe and the broader Eurasian corridor.