Uruguay as a Trade Partner for Russia under Modern Geopolitical Terms in Foreign Markets

In modern geopolitical conditions, the Russian Federation needs to find new export opportunities in various regions of the world. Latin America could be of a certain interest in this context. The paper identifies challenges and prospects for trade relations between Russia and Uruguay. Based on statistical data from international organizations and expert interviews, it reveals stages in trade cooperation and systematizes key barriers to its development. The Russian-Uruguayan trade today is characterized by high volatility and a narrow export specialization. However, there is a potential for expansion in both traditional industries and new areas of cooperation. Financial and logistics barriers have a significant impact on relations between these countries, as do institutional challenges. Based on the results of the SWOT analysis conducted by the authors, a set of practical recommendations have been developed for government agencies and business representatives aimed at reducing transaction costs and diversifying exports. The role of state support at this stage of Russian-Uruguayan relations seems very important for fulfilling the strategic tasks of diversifying exports and strengthening cooperation.