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Eurozone exports to Russia down 14 per cent in 2014

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Exports and imports between the Eurozone and Russia have plummeted in the period January to May, figures from Eurostat revealed last week.

The was a 14 per cent decline in exports to Russia in January-June 2014 compared with the same period last year. Imports from Russia are also down seven per cent from €63.7bn to €59bn, making an overall trade deficit of -€26.9bn.

The ongoing crisis in Ukraine, triggered in February when Russian-supported separatists annexed the Crimea region, has led to a series EU imposed sanctions on Russia.

Russia responded earlier this month by placing sanctions on agricultural imports from the EU and USA.