Despite all the tough talk from Brussels, trade between Russia and several EU nations is quietly growing, even as the war in Ukraine drags on. European businesses, it seems, still need what Russia offers, especially in crucial sectors like energy, fertilizer, and chemicals.
According to Eurostat, Italy ramped up its trade with Russia by a whopping 25% in September 2024, totaling €768 million. Germany wasn’t far behind at €720 million, with France hitting €469 million. Hungary and the Netherlands also made the list of Russia’s top EU trading partners, trading €451 million and €437 million, respectively.
“European companies need such products. Therefore, despite the political problems, the business is going its own way,” said Aleksandr Danilcev of Russia’s Trade Policy Institute.
This growing trade comes in sharp contrast to the EU’s declared stance. A scathing report from the London School of Economics criticized the bloc’s approach, calling it “self-defeating” and claiming it could even prolong the war. The EU, the report notes, has effectively funneled €120 billion to Russia since the full-scale invasion began—money that, ironically, helps sustain Moscow’s war effort.
While the EU postures with sanctions, it’s clear that economics is telling a different story. Businesses are moving ahead, underscoring the gap between lofty rhetoric and reality.
