Exports to Russia fall while imports increase

RussianRussian flag.Photo wikipedia Commons

Sanctions have contributed to Norwegian exports to Russia having fallen by 75% since 2014. During the same period, Russian exports to Norway have increased.

 

Both countries have imposed sanctions against each other after Russia annexed the Crimean Peninsula in 2014. Since then, Norwegian exports to Russia have fallen from NOK 8.5 billion in 2014 to 2.1 billion last year,wrote Dagens Næringsliv newspaper.

At the same time, Russia’s exports increased to NOK 12.6 billion last year,while they were approximately NOK 10 billion in 2014.

Many Norwegian export companies report difficult conditions in Russia.

‘’For Norway, the damage impact of sanctions is greater than the benefits.If you see that the sanctions are only harming Norwegian companies, you should re-assess the sanctions,” said Salve Dahle, CEO of Akvaplan-Niva,Tromsø, which has been doing business in Russia since 1990.

Last year, the trade balance with Russia was minus NOK 10.5 billion, the worst trade balance so far registered by Statistics Norway (SSB).

 

© NTB Scanpix / #Norway Today

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