WASHINGTON: The US sanctioned Russia for its actions in Ukraine from one year. And since that time, US imports of Russian goods have slipped by at least $3 billion. That’s about 10% of the total trade between the old rivals.
It’s not a huge move. Russia and the U.S. have very little trade to begin with and sanctions impact is not easy to decipher. According to U.S. Census data, two-way trade between the two totaled $34.3 billion in 2014 compared with $38 billion in 2013. The U.S. maintains a trade deficit with Russia but it shrunk last year to $12.9 billion compared to a $15.9 billion deficit in 2013.
Sanctions began in March of last year. So from March to December 2014 the U.S. imported $19.92 billion worth of Russian goods, down from $22.97 billion in the same period a year ago.
Sectoral sanctions began in July. That’s when the U.S. Treasury Department banned U.S. companies from doing business with some of Russia’s most powerful banks and all of its major energy companies. From July to December, U.S. imports from Russia totaled $10.9 billion compared with $13.2 billion in the same period in 2013.
Between March and December 2014, U.S. exports totaled $8.94 billion compared with $9.4 billion in 2013. Since sectoral sanctions began in July, U.S. shipments were valued at $4.8 billion compared to $5.8 billion in the same period in 2013.
The U.S. trade deficit with Russia is now equal to where it was in 2007.
This January, U.S. exports were $644 million, down from $891 million in January 2014, but not far off the $693 million registered in January 2013.
