Russia–US trade falls to 30-year low

Trade between the United States and Russia plummeted to its lowest level in 30 years, dropping to $3.5 billion in 2024, according to data from the US Bureau of Economic Analysis.

Exports from Russia to the US totalled $3 billion, while American exports to Russia were significantly lower at $526 million, Caliber.Az reports via Russian media.

Overall, bilateral trade declined by 32% compared to the previous year, reaching its lowest point since 1992, when the total stood at $2.6 billion.

Meanwhile, according to experts, Russian officials could potentially capitalize on the tariff stand-off between China and the United States. Dmitry Kuznetsov, a senior researcher at the Gaidar Institute for Economic Policy, expressed confidence that Moscow is well-positioned to replace the volumes lost due to these tariffs. However, he cautioned that current sanctions must also be taken into account when considering these opportunities.

The analyst pointed out that, historically, third-party countries tend to gain from increased trade barriers between two major economies, as new trade routes and markets open up.

In related developments, it has been reported that the offloading of tankers carrying Russian oil has been delayed, largely due to US sanctions. This further complicates the already strained trade environment for Russia.

By Aghakazim Guliyev