Russia’s Trade Tumbles in December 2022 as EU Embargo Accelerates
As December 2022 closed, Russia faced a sharp drop in both exports and imports, according to data drawn from the same set of foreign trade statistics used by Russia’s main trading partners. The figures show a simultaneous retreat in outward and inward trade activity, with money values slipping by about 16 percent for exports and roughly 13 percent for imports compared with the final month of the previous year. The source attributes this trend to the comprehensive reporting of 46 partner economies that form Russia’s external trade network.
In full calendar terms, Russia’s annual exports for December 2022 fell by 16 percent, marking the second consecutive monthly decline, with a representative drop around $37 billion. Imports also declined, sliding about 13 percent year over year, equal to approximately $23 billion. These numbers illustrate a persistent contraction in trade flows as the year ended. The decline in exports surpassed the November pace, which showed an 8 percent drop, while imports eased by 10 percent. The narrowing of trade activity underscores the evolving economic environment and the impact on sectors linked to external demand.
Another notable development from December was the reduction in machinery and equipment imports, which decreased by about 23 percent by year’s end. This signal points to shifts in the composition of Russia’s imports, with capital goods and industrial equipment among the hardest hit segments as the year concluded.
On the European side, the energy market underwent a dramatic shift in February, when Kadri Simson, the European Commissioner for Energy, reported that EU countries had halted purchases of Russian coal. At the same time, oil imports from Russia declined sharply, down by roughly 90 percent. The embargo on sea-transported Russian energy products remained a central lever in Europe’s strategy to reduce dependence on Moscow, influencing global energy markets and trade patterns. The combined effect of these actions contributed to a tight energy import environment for Russia and a recalibration of supply chains across Europe.
Experts note that these developments reflect a broader realignment in global trade, with sanctions and market responses shaping the flow of goods between Russia and its partners. The December data emphasize how economic policy, energy security concerns, and international coordination can ripple through monthly and yearly trade totals, affecting both the volumes of goods moving across borders and the mix of products traded. The result is a period of adjustment as economic actors recalibrate expectations and strategies in response to evolving sanctions regimes and shifting demand in international markets. Attribution for this analysis comes from official foreign trade statistics compiled by the primary partners of the Russian Federation and summarized in contemporary reporting on the topic.