US and Europe to Engage in Billions of Trade with Russia
U.S. President Donald Trump states that the United States was ready to impose new energy sanctions on Russia, but only if all NATO countries stopped buying Russian oil and enforced equivalent actions.
Over three years after Russia initiated its full-scale invasion of Ukraine, the U.S. and European Union continue to import billions of euros in Russian energy and goods, including liquefied natural gas and enriched uranium.
The EU has enacted numerous import and export limitations on multiple products, leading to a 61 percent decrease in exports to Russia and an 89 percent reduction in imports from Russia from the first quarter of 2022 to the second quarter of 2025, based on the most recent data from Eurostat.
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In the second quarter of 2025, EU exports to Russia rose, while imports fell, transforming a trade deficit into a surplus of 0.8 billion euros.
The EU, nonetheless, persists in acquiring oil, nickel, natural gas, fertilizer, iron, and steel from Russia.
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Four years prior, Russia was the predominant provider of petroleum products to the EU, but the EU's prohibition on maritime imports of Russian crude oil decreased its share to 2.01 percent in 2025, down from 28.74 percent in 2021.
The proportion of petroleum oil imports from Russia decreased from 29 percent in Q1 2021 to only 2 percent in Q2 2025.
Russia's contribution to EU natural gas imports fell to 12 percent in the second quarter of 2025, down from 48 percent in the first quarter of 2021.
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During this time, Norway's share rose by the most at +10 percent, while Algeria (+2 percent) emerged as the EU's top partner, making up 27 percent of the bloc's natural gas imports.
Russia continues to provide gas to certain EU nations like Hungary and Bulgaria through the TurkStream undersea pipeline from Turkey.