What does the US import and export from Russia?
Economic interdependence has long been thought a way to prevent large scale violent conflicts in the modern age.
The trade relationship between the Russia Federation and the United States, while larger than any point in history, is still considerably lower than each country's major trade partner.
The sanctions imposed by the Untied States are already having an impact on the Russian economy. The price of the Russian ruble has dropped significantly since more severe sanctions were announced this week. This round included sanctions to the Central Bank of Russia which will limit the country's ability to manage its currency reserves, which are held by central banks all over the world.
Russia is the fortieth largest export market for the US, and the twentieth largest important market relied on for imports. This amounts to the Russia spending on around $5.8 billion on US goods, which actually decreased 13.1 percent from 2018 to 2019. For the United States, the trade data shows that it imported more than $22.3 billion on Russian goods.
What does the US exports and import from Russia?
In 2019, according to data published by the United States Trade Representative, the US ran a trade deficit with Russia. A trade deficit refers to a situation where a country imports more than they export to a certain country.
The most common products imported from Russia include "mineral fuels ($13 billion), precious metal and stone (platinum) ($2.2 billion), iron and steel ($1.4 billion), fertilizers ($963 million), and inorganic chemicals ($763 million)." Many of the important are critical to the manufacturing of highly technological products. The exports the US sends to Russia are also quite technological, including "machinery ($1.2 billion), aircraft ($1.2 billion), vehicles ($725 million), optical and medical instruments ($506 million), and electrical machinery ($349 million).
How much oil does the US import from Russia?
One major concern on the minds of many are how sanctions from the West could impact Russia's ability to produce oil and gas, which they export to many countries in Europe.
Oil imports from Russia to the US peaked in May 2021 at 26,171 barrels in one month. That same month, the US imported less oil from Saudi Arabia and the majority of other OPEC countries.
By the end of the year, that number of barrels imported from Russia had dropped to 12,569.
Will European countries place an embargo on Russian oil and gas?
Europe is highly dependent on Russian natural gas and oil, over all Russia represents around a third of all energy imports.
While some countries are more dependent on others, sanctions that impact the energy sector could have catastrophic consequences for Europe and the rest of the world. Until now, the West has tried to avoid attacking companies an banks involved in the sector, but this gives Russia an advantages as it is a main income source for the country.
While no sanctions or embargoes have been announced by European countries on the oil and gas sector, Germany has announced that they will postpone the construction of the Nord Stream 2 pipeline. One of the companies involved in the construction of the pipeline has announced that they are filing for bankruptcy after being hit hard by sanctions.
This pipeline was planned to increase the quantity of natural gas able to be sent to Germany and other European countries.