Russia loses over US$20 billion in raw materials exports over six months

The fall in oil prices and the suspension of gas transit through Ukraine reduced Russian exports of mineral products to US$110.1 billion in the first half of the year. This is US$20.3 billion less than in January-June 2024 (US$131.4 billion).

Source: The Moscow Times, citing data from the Russian Federal Customs Service

Details: Total exports of goods fell less, from US$208.8 billion to US$195.5 billion, or by US$13.3 billion.

Food exports fell by US$3 billion, but exports of chemicals, machinery and equipment rose by the same amount, and metals by US$4.2 billion.

However, raw materials account for more than half of Russian exports: 56.3% in the first half of the year (62.9% a year ago).

Russian gas transit through Ukraine stopped on 1 January, and oil prices fell in early April after Donald Trump unleashed a tariff war.

In January, the average price of Russian Urals export oil was US$67.7 per barrel, and in June it was already US$59.8.

"The negative effects of tariff restrictions will continue to put pressure on prices in commodity markets," the Central Bank of the Russian Federation said.

Background: Reliance Industries, owner of the world's largest oil refinery in Jamnagar, India, may abandon Russian oil.

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