Report: Russia Importing More From China Following Economic Fallout With Europe
Russia's largest ports have seen freight volumes tank due to the EU's sanctions on Moscow, according to research from Vincent Stamer, an expert at the Kiel Institute for the World Economy. The St. Petersburg port saw an 85% plummet in container throughput in 2022 vs. 2021, with Stamer saying few containers are arriving at what used to be Russia's busiest port, Bloomberg reported. The Kiel Institute, a German economic think tank, showed that Russia brought in 24% fewer goods per month from June through August, compared with the same period last year, leaving a $4.5 billion monthly import gap.
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Russia has imported more goods from China, making the East Asian country Russia's leading trading partner, though shipments to China are not enough to compensate for the drop in trade with the EU. However, China shipped 23% more goods to Russia during the summer of 2022 vs. 2021, the Kiel Institute said. China's ability to get more goods to Russia was initially set back by ocean carriers such as Hapag-Lloyd, Maersk and MSC voluntarily suspending Russian shipping services, Stamer said.