For example, the Netherlands exported fewer semiconductors, cars and other means of transport, machines, household appliances, flowers and plants to Russia. The total value of products still sold to Russia amounted to 3.7 billion euros.
The value of all goods imported from Russia in 2022 amounted to almost 21 billion euros. This is mainly due to more expensive oil and gas. The Netherlands has imported almost 14% less crude oil since March. Russian oil has become cheaper than crude from other countries, but companies have also started buying less Russian oil. Instead, more oil has come from other countries, with Saudi Arabia providing most of the extra.
Sanctions
The decreases may be directly related to sanctions against Russia, says sanctions lawyer Helena de Linden. After the Russian invasion of Ukraine a year ago, European Union countries introduced numerous export bans. “We were very dependent on Russian oil.”
“Sanctions are everywhere.”
For example, it is forbidden to export semiconductors and other technology to Russia that can be used for military purposes. Despite all the sanctions, the value of Dutch imports from Russia has increased, mainly due to the sharp increase in energy prices. “Sanctions are everywhere.”
Effect
The question is whether the sanctions have hit Russia hard enough. Over de Linden thinks so. ‘We were a big trading partner of Russia. And those sanctions are everywhere now.’ In his speech from the throne earlier this week, the Russian leader said his economy had grown by more than two percent. «Of course this is also strategy. Besides, he’ll never say he’s losing the battle at the front.’
Due to the loss of trade with Europe, trade between Russia and countries like China and India has actually grown. Above all, the export of oil from Russia to China is thriving. “Obviously it’s a real shame that only 48 countries in the world are participating,” says Over de Linden.
But trade with those countries has also become much more difficult, thinks the sanctions lawyer. Russian oil can no longer be transported to the EU and Western-flagged tankers are no longer insured. “Those sanctions are everywhere.” But Russia remains an important country, says Over de Linden. The largest country in the world, a sixth of our globe, with an enormous quantity of raw materials».