German Exports to Russia Plummet Following Invasion-Related Sanctions
German exports to Russia fell 62.3% in a one-month period to around $905 million in March due to the fallout from the Russian invasion of Ukraine, which began Feb. 24. According to data from Germany's statistics office, total exports fell…
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3.3% from February. The decline stems from the deluge of sanctions being placed by the EU and other leading economies on Russia while private companies are also rushing to sever ties with Russia. "Compared with February 2022, exports to the Russian Federation decreased by 62.3% to 0.9 billion euros in March 2022 because of the sanctions imposed as a result of Ukraine's fight against Russia, further measures to restrict exports, and unsanctioned behaviour of market participants," the statistics office said. "Imports from Russia declined by 2.4% to 3.6 billion euros in the same period."