The Crisis In Ukraine Is Crippling Russia’s Foreign Trade

The magnitude of this harm from Ukraine Crisis is surprising to Russia. Rosstat just released fresh data, showing that Russia suffered an 11.4% decline in foreign trade comparison to March 2013 (to be precise, exports shrank by 12.7% and imports declined by 9.4%). In the span of just a few months, Russia went from experiencing extremely rapid growth in foreign trade to suffering an absolute decline. That is just one data point among dozens showing that what’s happening in Ukraine is a major break with past experience and that Russia, in many ways, is currently in uncharted economic waters. Read More