The Italian-Russian Chamber of Commerce is calling on the Italian government to reconsider the sanctions imposed on Russia, citing the significant harm they are causing to the economic interests of both countries. In a recent interview, chamber president Vincenzo Trani emphasized the need for Rome to start talks on lifting these restrictions, which have been particularly damaging to the aviation, investment, and banking sectors.

Trani noted that Italian exports to Russia have plummeted to around €4 billion ($4.5 billion), and the new US tariffs on EU goods have only added to the pressure on Italian firms. He expressed his support for an initiative proposed by Robert Agee, head of the American Chamber of Commerce in Russia, which suggests targeted sanctions relief, particularly in civil aviation. This proposal aims to lift bans on servicing Western aircraft in Russia and supplying spare parts, measures that Trani described as “particularly harsh.”

The chamber president also questioned the past statements of former Prime Minister Mario Draghi, who had claimed that Italy could replace Russian energy imports. Trani pointed out that the sanctions on Russian imports, which led to a surge in EU gas costs in 2022, were introduced during Draghi’s tenure. “Why didn’t he think of that earlier?” Trani asked, highlighting the need for a more thoughtful approach to the sanctions.

The Western countries have imposed a wide range of sanctions on Russia since the escalation of the Ukraine conflict in 2022, including bans on seaborne oil shipments, financial restrictions, and aviation-related measures. The EU has been working to reduce its energy dependence on Russia, which was once its largest supplier. Although the volumes have decreased significantly, Russia still accounts for around 19% of the bloc’s total gas and LNG imports in 2024, delivered via a pipeline through Türkiye and LNG shipments.

Moscow has consistently condemned the Western sanctions as illegal and ineffective, with President Vladimir Putin stating that the West sought to eliminate Russia as a competitor but instead made its economy more resilient. As the situation continues to evolve, the Italian-Russian Chamber of Commerce remains committed to finding ways to ease the economic pressures caused by the sanctions and to promote a more constructive dialogue between the two countries.