Ukraine sold steel to Russia in 2024
20 February 08:39
In the third year of the full-scale war with Russia, Ukraine sold $21 million worth of steel to its enemy. US DOLLARS. This was reported by Ekonomichna Pravda, citing data from the State Customs Service of Ukraine, Komersant ukrainskyi reports.
According to the publication, exports to Russia were completely banned at the end of 2022, and in 2023 this ban was observed – no trade with Russia was carried out at all.
However, in 2024, “something went wrong.” Ukrainian companies shipped 26,871 tons of steel products to Russia:
- Alloy steel products worth $11.33 million.
- Hot-rolled steel products worth USD 8.645 million.
- Cold-rolled steel products worth USD 1.068 million.
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History of Ukrainian-Russian trade
Before Russia’s full-scale invasion of Ukraine in 2022, economic relations between the two countries had declined significantly but remained important. In 2013, on the eve of the Revolution of Dignity, Russia was Ukraine’s main trading partner, and the total trade turnover between the two countries exceeded $38.2 billion. After 2014, due to the annexation of Crimea and the war in Donbas, trade volumes began to decline sharply. Ukraine gradually imposed sanctions, reduced imports and exports, and reoriented itself to the European Union markets.
As of 2021, trade between Ukraine and Russia amounted to about $10.1 billion, of which Ukrainian exports to Russia amounted to $3.4 billion and imports to $6.7 billion. The main items of Ukrainian exports were ferrous metals, chemicals and food products, while Russia imported energy, fertilizers and industrial products. Despite the significant decline in economic ties, Russia remained one of Ukraine’s largest suppliers of gas and oil products.
With the outbreak of full-scale war, Ukraine effectively stopped trade relations with Russia, imposing a complete embargo on imports of Russian goods.
