Eurozone's soaring energy costs spark record trade deficit showing dependence on Putin

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Overall in January the EU had a trade deficit of €11.9 billion (£9.99bn) with Russia.

Crucially though the data reflects conditions before Vladimir Putin’s Russian invasion of Ukraine with commodities such as oil, gas, wheat and metals all spiking since.

Walid Koudmani, chief market analyst at broker XTB, said: “The recent Russia-Ukraine conflict could have vast ramifications and greatly impact both as rising prices make exports less appealing and imports more difficult.”

In January the EU’s trade deficit with Russia stood at €11.9 billion (£9.24bn) however this may now change considerably as the bloc looks to move away from dependence on Russian imports.


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