August M
Russia’s economic ties with the outside world have contracted to levels not seen in more than three decades, according to newly published official data.The figures suggest the country’s trade exposure now resembles that of the Soviet Union’s final years.
The Moscow Times reported on February 10, citing data from Russia’s state statistics agency Rosstat, that exports accounted for 17.8% of GDP in 2025, down from 22.2% the previous year. Imports also declined, falling from 17.8% to 15.2% of GDP.
Economist Olga Belenkaya of Finam described the export figure as an “absolute minimum” in modern Russian history. Before the full-scale invasion of Ukraine, exports typically represented between 25% and 30% of GDP, and in the late 1990s and early 2000s exceeded 40%, United24 Media, citing The Moscow Times, reported.
Echoes of the USSR
The current ratios are close to those recorded at the end of the Soviet era. According to World Bank data cited in the report, exports made up 18.2% of Soviet GDP in 1990 and 13.3% in 1991, while imports stood at 17.9% and 13% respectively.
Belenkaya linked the downturn to tightening Western sanctions, reduced access to foreign goods and Moscow’s emphasis on import substitution, which together have left Russia less integrated into the global economy than before 2022.
Her assessment aligns with comments from EU sanctions envoy David O’Sullivan, who has said Western measures are having a “significant impact” on Russia’s economy. While noting that sanctions are “not a silver bullet,” he said they are gradually eroding the country’s economic base.
Revenues decline
Customs figures cited by The Moscow Times show export revenues dropped 4% last year to $418.3 billion, the lowest level since the COVID-19 pandemic. Revenue from raw materials fell 15% to $225 billion, while non-energy exports reached $150 billion, roughly a quarter below pre-war levels.
Imports decreased 3% to $278 billion. Trade with Europe, once Russia’s main commercial partner, has contracted to volumes comparable to the 1990s, with exports totalling $57.4 billion and imports $72.3 billion.
Despite the contraction, President Vladimir Putin has pledged to expand domestic production across sectors ranging from pharmaceuticals to aviation. Alexandra Prokopenko of the Carnegie Russia Eurasia Center told the Financial Times that such ambitions resemble “Putin’s fantasy more than a realistic plan.”
Separate reports indicate that so-called parallel imports, used to bypass sanctions, fell sharply in 2025 as authorities tightened controls.
Sources: United24 Media, The Moscow Times, Rosstat, Financial Times, World Bank
