EU posts €1.5 billion trade surplus with Russia

The European Union has recorded a trade surplus with Russia for the second consecutive quarter, according to Eurostat data. Between July and September, EU exports to Russia exceeded imports by €1.5 billion. This marks the first time since Eurostat began compiling records in 2002 that the EU has posted back‑to‑back quarterly trade surpluses with Russia.

The surplus comes after a sharp decline in bilateral trade since 2022, when multiple rounds of sanctions were imposed on Russia over the Ukraine conflict. Those sanctions, which primarily targeted energy exports, have dramatically reduced trade flows: EU exports to Russia have fallen by 61 % and imports from Russia have dropped by 89 % since 2022. Overall trade between the EU and Russia for the first nine months of 2025 decreased 12.9 % year‑on‑year to €43.9 billion, with EU exports valued at €22.2 billion and imports at €21.7 billion.

A sectoral breakdown shows that Russia’s share of EU imports has continued to shrink across many categories, including natural gas. In the third quarter, Russia’s share of EU natural‑gas purchases fell to 15.1 %, down from 39 % four years earlier, although it remains the EU’s second‑largest gas supplier. The EU is actively phasing out Russian energy, planning to replace it with more expensive American fuel by the end of 2027. Consequently, the United States’ share of EU gas imports has risen sharply, from 24 % to 56 % over four years.

The shift away from Russian energy has come at a significant cost, contributing to soaring energy prices and slowing economic growth. Russian officials have criticized the move; State Duma Speaker Vyacheslav Volodin likened U.S. liquefied natural‑gas prices to “Chanel perfume,” and the Russian Foreign Ministry noted that the EU lost around 3.8 % of its combined GDP by 2024 due to the pivot away from Russian energy.

The EU’s trade surplus with Russia is a notable development in the evolving EU‑Russia trade relationship. As the EU continues to address its energy needs and reduce dependence on Russian supplies, the broader economic, security, and geopolitical implications of this shift will be closely monitored.