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Germany imports less from Russia but pays more

Surging energy prices along with Berlin’s attempts to reduce trade ties with Moscow have led to an imbalance

German imports from Russia saw a dramatic 45.8% year-on-year decline in July, data from the Federal Statistical Office of Germany showed on Monday.

However, in monetary terms, German purchases of Russian products surged 10.2% to €2.9 billion ($2.94 billion), data indicates.

The imbalance arose due to soaring prices of oil and gas. The value of energy imports from Russia increased by 1.6% to €1.4 billion, according to the data, despite the much lower volume of purchases compared to the same period a year ago.

At the same time, Germany’s exports to Russia saw a substantial year-over-year drop of 56.8%.

Germany, along with other EU countries, has been seeking to reduce its reliance on imports of Russian fossil fuels, and has stepped up the effort since late February, when Moscow started its military operation in Ukraine.

READ MORE: Italian minister shares details of plan to cap EU gas prices

Earlier this month, Finland’s Center for Research on Energy and Clean Air (CREA) reported that more than half of the €158 billion that Russia earned from oil and gas exports over the past six months was paid by EU countries. The bloc has reportedly imported 54% of all Russian energy exports since late February, worth around €85 billion.

For more stories on economy & finance visit RT’s business section

https://ift.tt/E6xR8Ta 13, 2022 at 02:26PM
from RT – Daily news

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