According to the U.S. Census Bureau, trade between Russia and the United States has reached its lowest point in over twenty years. This comes as Moscow faces unprecedented isolation from the West due to its invasion of Ukraine.
In July 2023, the total trade turnover between Russia and the U.S. was $277.3 million, a significant drop of eleven times from February 2022. This analysis was conducted by Russia’s news website RBC.
In fact, July’s trade in goods was the lowest it has been since the early 2000s when monthly data first started being published.
Russian exports accounted for nearly 90% of the turnover, totaling $241.7 million, while U.S. exports dwindled to $35.6 million.
From January to July, data revealed that out of the $3 billion worth of goods sold to the U.S., $2.5 billion consisted of nuclear fuel, fertilizers, and platinum group metals. RBC did not specify the types of goods that the U.S. continued to export to Russia.
Last spring, the U.S. terminated “normal” trade relations with Russia when President Joe Biden implemented steep tariff increases on Russian imports.
As a result of Russia’s full-scale invasion in Ukraine, Washington has imposed extensive sanctions on Russia, which include a ban on Russian oil, diamond, and seafood imports.
