Since the start of the war in Ukraine, German trade with Russia has virtually collapsed. According to recent calculations, these German imports have fallen by 95% compared to before the war. The German trade magazine Agrarzeitung confirms this decline, with Russia’s role as a trading partner for Germany having diminished greatly.
The drastic decline is the result of European sanctions against Russia. The EU has implemented multiple rounds of sanctions specifically targeting Russia’s energy, banking, and technology sectors.
Germany and other EU countries are currently trying to reform their energy supply. They are stopping imports of Russian oil and gas. Dependence on Russia as an energy partner has since dropped sharply, although some EU countries have not yet fully transitioned.
The Russian energy sector has been severely hit by European policy. Profits of Russian oil and gas companies have halved within a year, with profit margins in some refineries nearly zero. Gazprom has also lost much of its influence in Europe.
The overall economic impact on Russia is substantial. Russia’s importance as a trading partner in Europe has significantly declined, and Russia is no longer a relevant trading partner for Germany. The Russian share in German imports has dropped to less than one percent.
At the same time, Russia is trying to shift its exports to other markets outside Europe. Gazprom is now focusing on Asia, but it is unclear how successful this shift is. Concrete figures about this are not yet available.