Italy is Russia’s Second Largest Trade Partner in EU

For the first time since 2015, Italy has once again entered the top three largest trading partners of the Russian Federation. According to the calculations of the RIA Novosti information agency, based on the data of national statistical services, the formal leader of this statistic in 2024 was Belarus, whose trade turnover with Russia increased by 7.4%, reaching $57.6 billion.

Among the EU countries, Germany remained the leader in terms of trade turnover with Russia, although the figure decreased by 22%, reaching $9.5 billion. Italy, despite a 10% drop in trade turnover to $8.4 billion, overtook the Netherlands and France to take second place. France, showing an increase of 9%, came in third place with a trade volume of $6.4 billion. Hungary retained the fourth position with a trade turnover of $6.2 billion (-16%). The Netherlands, which ranked third in 2023, dropped to fifth place due to a 38% drop in trade turnover to $6.1 billion. Belgium ($5.1 billion), Poland ($4.7 billion), Slovakia ($4 billion), and Spain ($3.5 billion) round out the ranking of Russia’s largest trading partners.

Among Russia’s key European partners outside the European Union, Switzerland recorded $3.3 billion in trade with Moscow, down 50% from the previous period, while Serbia recorded $2.4 billion, down 20%. Overall, Russia’s trade turnover with European countries, including Belarus, which part of the union with the Russian Federation, amounted to $139.4 billion. According to RIA Novosti, “Russia’s Federal Customs Service estimates the volume of trade turnover with Europe at $141.5 billion in 2024, explaining the discrepancy in the data by differences in accounting methods.”

Statistics show that trade between European countries and Russia continues despite the conflict in Ukraine. Russian Ambassador to Italy Alexei Paramonov (pictured) suggested “an alternative view of the situation that would avoid a direct confrontation between Russia and Europe.” In an article published Saturday, March 1, in the pages of the Roman newspaper Il Messaggero, Paramonov stressed that the deterioration of relations between Moscow and the West was not inevitable and called for constructive dialogue that could help overcome tensions: “Russia seeks not confrontation but cooperation based on mutual respect,” the ambassador wrote, criticizing what he called “a Western narrative aimed at demonizing the Russian Federation.”

According to the head of the Russian diplomatic mission in Rome, the current crisis in relations between Russia and the Old World is due to a number of “strategic mistakes” made by Europe. Among them, he singled out NATO’s eastward expansion and economic sanctions, which allegedly forced Moscow to take measures to protect its national interests. The ambassador recalls Russia’s “historic role” as Europe’s economic and cultural partner, emphasizing that trade and energy projects can be the basis for possible reconciliation. “A Europe separated from Russia is becoming weaker, not stronger,” the ambassador writes, calling for a return to pragmatic and economically-oriented diplomacy to address pressing global challenges such as “climate change and the fight against terrorism.”

“As in the days of Leo Tolstoy’s youth, Russia does not shy away from the military challenges presented to it by ill-wishers from Brussels (as well as from Paris and London, just like in the old days). For years we have warned that NATO’s approach to our borders would create a problem. Putin has been explaining this for years on international platforms to people who dream of the ‘end of history’ and their ‘dominance,’ Paramonov recalled. “Of course, we’d like to avoid misunderstandings. But since certain personalities in London, in Brussels don’t seem to assess the situation correctly, we are prepared to send additional ‘messages’ if they don’t draw the necessary conclusions.”