As the Russia-Ukraine conflict escalated and possible sanctions against Russia were discussed, much of the focus has been on cutting off Russian energy exports, the lifeblood of the country’s economy. As the ruble’s value plummeted to historic lows this week and more and more companies are cutting ties with Russia or suspending their operations in the country, it’s worth having a look at the country’s imports as well.
According to the UN’s Comtrade database, Russian goods imports amounted to $247 billion in 2019, the last year undisrupted by the Covid-19 pandemic. Motor vehicles and parts were the biggest item on Russia’s imports list with a total trade value of $23.4 billion, while industrial machines and electrical machinery and appliances completed the top 3.
Following the ruble’s depreciation in the wake of Western sanctions this week, imported consumer goods are set to become unaffordable to many Russians if available at all. Several global players, including Apple and Nike for example, have halted product sales in Russia, at least through their own channels, restricting access to some of the most popular branded goods in the world for Russian consumers.
