The European Union has recorded a trade surplus with Russia for the second consecutive quarter, according to data released by Eurostat. Between July and September, the value of EU exports to Russia exceeded the value of imports by €1.5 billion. This development comes after a significant decline in bilateral trade since 2022, following the imposition of multiple rounds of sanctions on Russia due to the Ukraine conflict.
The sanctions, which primarily targeted energy exports, have had a substantial impact on trade between the EU and Russia. EU exports to Russia have fallen by 61%, while imports from Russia have plummeted by 89% since 2022. Despite this, the EU has managed to post consecutive quarterly trade surpluses with Russia for the first time since Eurostat began compiling records in 2002.
The total trade between the EU and Russia for the first nine months of 2025 decreased by 12.9% year-on-year to €43.9 billion. EU exports to Russia were valued at €22.2 billion, while imports from Russia were valued at €21.7 billion. A breakdown of goods categories indicates that Russia’s share of EU imports has continued to decline across many sectors, including natural gas.
Russia’s share of EU natural gas purchases fell to 15.1% in the third quarter, down from 39% four years ago. Despite this decline, Russia remains the EU’s second-largest gas supplier. The EU has been working to phase out Russian energy imports, with plans to substitute them with more expensive American fuel by the end of 2027. The US share of EU gas imports has surged to 56% from 24% in four years.
The shift away from Russian energy has come at a significant cost, leading to soaring energy prices and slowing economic growth. Russian officials have criticized the move, with State Duma Speaker Vyacheslav Volodin likening US liquefied natural gas prices to “Chanel perfume.” Moscow’s Foreign Ministry has also noted that the EU lost around 3.8% of its combined GDP by 2024 due to its pivot away from Russian energy.
The EU’s trade surplus with Russia is a significant development in the ongoing saga of EU-Russia trade relations. As the EU continues to navigate its energy needs and work towards reducing its dependence on Russian energy, the impact of this shift will be closely watched. The consequences of this move will likely be far-reaching, with implications for the EU’s economy, energy security, and relations with Russia and other global players.
