![]() ![]() ![]() While not exactly international trade, on February 26th the U.S. Combining the likely breakdown of Ukrainian-Russian trade with China’s lack of condemnation of Russia’s actions, Ukraine’s trade seems likely to continue shifting towards the European Union and its Western allies. Russia’s invasion of Ukraine is rapidly reshaping both countries’ international relations and trading partners.įour days into the recent conflict, Ukrainian President Zelenskyy filed for Ukraine’s special admission into the EU, which would further strengthen Ukraine’s trade with European Union members. ![]() War’s Effect on Ukraine’s Future Trading Partners During this time, European nations like Poland and Germany overtook Russia in terms of trade value with Ukraine, and in 2021 trade with the EU totaled to more than $58 billion. Trade value between Russia and Ukraine peaked in 2011 at $49.2 billion, and since then has fallen by 85% to $7.2 billion in 2020. Ukraine is one of the most important economic centers of the former Soviet Union, and it had long been the breadbasket of the USSR thanks to its fertile chernozem soil and strong agricultural industry. Since its independence from the former USSR in 1991, Ukraine has steadily shifted towards Western trading partners, especially as conflicts with Russia escalated in the 2010s.Īfter years of negotiations, Ukraine’s Association Agreement with the EU in 2014 facilitated free trade between EU nations and Ukraine, reducing the country’s dependence on trade with Russia. Ukraine’s Shift Away from Russian Trade Dependence Various kinds of machinery, vehicles, and electrical equipment are the next largest categories of goods imported, cumulatively making up 31% ($17.1B) of Ukraine’s imports. Primarily importing from Belarus, Russia, and Germany, Ukraine’s need for energy fuels was greatly exacerbated by Russia’s annexation of the Crimean peninsula, which held 80% of Ukraine’s oil and natural gas deposits in the Black Sea. ![]()
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