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Russia-EU trade turnover up 20 pct in 2018 despite sanctions

Russia-EU trade turnover up 20 pct in 2018 despite sanctions

MOSCOW: The trade turnover between Russia and the European Union (EU) grew by 20 percent year on year in 2018 despite sanctions, Russian Industry and Trade Minister Denis Manturov said Monday.

The volume of accumulated investments from the EU countries in Russia amounted to 300 billion euros (337 billion U.S. dollars) last year, Manturov said at a meeting with European business representatives in Moscow.

“This is a lot. This shows that the European enterprises are interested in coming to our country, investing their funds in the development of their business,” he said.

According to the Russian Federal Customs Service, the EU’s share in the total turnover of Russia’s foreign trade grew to 42.7 percent in 2018 from 42.1 percent in 2017.

The EU has slapped sanctions on Russia since 2014 over Crimea and the armed conflict in eastern Ukraine, incurring retaliatory measures from Moscow.