Russia – Italy financial ties

The crisis involving Russia, Ukraine and the European Union is definitely hurting Italy. Trade between Russia and Italy reached a new all time high last year to a impressive figure of 31 billion euros.

The latest report released by the Milan Chamber of Commerce revealed imports from Russia recorded a ten percent growth. The figures are impressive because exports to Russia were also close to the ten percent mark. The total goods exported were valued at 11 billions, while imports almost two times higher.

According to the same statistic, Italian manufacturing produces were dominant and accounted for almost 98 percent of all exports, with rest being agricultural products. The most important province for both imports and exports was Milan with exports growing 13 percent and imports 11 percent.

Most of the goods imported from Russia were crude fuels and also mining products. About 70 percent of the total trade was accounted to some type of fuels of raw materials. This latest statistic reflects the ties between Russia and Italy, but the same situation can be found with many different European countries.