EU country’s imports from Russia hit record high

Imports of Russian goods by Greece soared to a record €9.33 billion ($10 billion) last year, more than doubling from 2021, according to provisional data from the national statistical office.

Elstat reported on Tuesday that in December alone, the value of imports from the sanctioned country jumped 59% year-on-year to €866.3 million.

The report also showed that the main imported products by the EU nation from Russia last year were petroleum oils and oils obtained from bituminous minerals (excluding crude), petroleum gas and other gaseous hydrocarbons, and unwrought aluminum.

In 2022, 398 Greek enterprises had imports from Russia, according to Elstat.

At the same time, the trade balance between the two countries in 2022 was negative, data shows. The value of Greek exports to Russia last year decreased to €156.4 million from €206.6 million in 2021.

The European Union has adopted nine rounds of sanctions targeting various sectors of the Russian economy. Brussels is currently working on the next batch of punitive measures, which reportedly may include Russia’s nuclear industry and diamond trade.

Russian President Vladimir Putin, however, stated during his annual address to the Federal Assembly on Tuesday, that the country’s economy has overcome all sanctions-related risks, and said that Western penalties have backfired.

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