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Trade flows with Russia since the start of its invasion of Ukraine

Author

Listed:
  • Attinasi, Maria Grazia
  • Doleschel, Julia
  • Gerinovics, Rinalds
  • Gunnella, Vanessa
  • Mancini, Michele

Abstract

In the aftermath of Russia’s invasion of Ukraine, war-related disruptions and sanctions led to a sharp decline in trade flows with Russia. This box takes stock of recent and high frequency trade data to track flows of energy and agri-food commodities. It finds that Russia’s oil exports recovered from the post-invasion lows as some diversion of flows from sanctioning countries to Asia took place, whereas pipeline gas and agri-food commodity exports have significantly declined. The box provides an empirical assessment of the effects of the first round of sanctions in March 2022, which are estimated to have reduced Russian imports by about 15%. JEL Classification: F13, F40, B40

Suggested Citation

  • Attinasi, Maria Grazia & Doleschel, Julia & Gerinovics, Rinalds & Gunnella, Vanessa & Mancini, Michele, 2022. "Trade flows with Russia since the start of its invasion of Ukraine," Economic Bulletin Boxes, European Central Bank, vol. 5.
    • Handle: RePEc:ecb:ecbbox:2022:0005:1
    Note: 930374
    as

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    More about this item

    Keywords

    energy; sanctions; Ukraine invasion;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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