Global Trade Ties with Russia Persist Despite War
Despite the ongoing conflict in Ukraine, trade between the United States and Europe with Russia continues to generate billions of dollars annually. While these figures represent a significant drop from pre-war levels, they highlight the complex economic relationships that still exist between major global powers and Russia.
Key Sectors of US-Russia Trade
The United States maintains several critical trade channels with Russia, particularly in the agricultural and industrial sectors:
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Fertilizer Imports: The U.S. imported $927 million worth of fertilizer in the first half of 2025, with Russia being a key supplier for urea, urea ammonium nitrate (UAN), and potash. These imports are crucial for American agriculture, though alternative sources are being explored.
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Palladium: Although Russian palladium imports have declined since 2021, the U.S. still imported $878 million worth of the metal in 2024 and $594 million through June 2025. Palladium is essential for catalytic converters in vehicles.
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Uranium and Plutonium: The U.S. has imported uranium and plutonium from Russia, with $755 million worth of these materials coming into the country in the first half of 2025.
European Trade with Russia
Europe’s trade relationship with Russia has also seen a dramatic shift, especially after the EU imposed sanctions following the invasion of Ukraine.
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Oil Imports: In July 2025, Hungary and Slovakia were the top European importers of Russian crude oil. However, the EU has significantly reduced its reliance on Russian oil, with maritime imports banned and refined products like diesel also restricted.
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Natural Gas: Despite efforts to diversify, natural gas imports from Russia increased in value over the last four years due to rising prices. However, the EU has reduced Russia’s share of liquefied natural gas imports while increasing its reliance on the U.S.
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Iron and Steel: Russia’s share of iron and steel imports in the EU has dropped sharply, with imports falling to $850 million in the first quarter of 2025.
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Fertilizer: European imports of Russian fertilizer have remained stable, with $640 million worth of goods imported in the first quarter of 2025.
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Nickel: The EU has diversified nickel imports but still sourced $300 million worth from Russia in the first quarter of 2025.
Western Companies in Russia
Despite the war, hundreds of Western firms continue to operate in Russia. These companies, including some top 100 American businesses, contribute to the Russian economy, albeit in smaller amounts. Analysts suggest that their presence helps maintain some level of normalcy for the Russian population.
India and China’s Growing Trade with Russia
India and China have significantly increased their trade with Russia, particularly in energy. India imported $67 billion worth of goods from Russia in 2024, with petroleum oils and crude oil making up the majority. Russia now supplies 36% of India’s crude oil needs. Similarly, China has ramped up its purchases of Russian crude oil, with Russia accounting for 13.5% of China’s crude imports.
