As a result of Western restrictions on the activities of financial organizations, in January 2025, Russian importers were unable to pay for goods deliveries amounting to up to 5.4 billion USD.
The decline in the export of non-resource, non-energy goods from Russia has been recorded over the past three years. From 160 billion USD in 2021, 194.2 billion USD in 2022, 190.4 billion USD in 2021, and 148 billion USD in 2023, it sharply dropped by another 2% and amounted to only 145 billion USD in 2024.
Overall Russian goods exports in 2024 decreased by 1.7%, to 417 billion USD. At the same time, two-thirds of the goods exported from Russia were raw materials and fuel. The likely reasons for this decline include changes in the price dynamics of global commodity markets, as well as the impact of anti-Russian sanctions, particularly restrictions on the activities of Russian financial organizations.
The sanctions policy regarding technology supplies to Russia significantly reduced high-tech exports in the category "machinery and equipment" – in 2024, it was 43% lower than in 2021.
Overall, trade between Russia and Western countries shows a downward trend. Only in certain product categories did Russia manage to maintain a significant market share, such as LNG exports. In trade with the United States, the total export volume decreased 9.4 times compared to 2021, while imports dropped 12 times.
