LONDON (Sputnik) – Russia's trade representative in the United Kingdom Boris Abramov told Sputnik in an interview that Russia-UK trade has grown this year for the first time since 2014, increasing by 25 percent year-over-year for the first nine months of 2017 to $9.3 billion.
"In 2016, this figure amounted to $10.4 billion. Thus, we can conclude that business from the both sides was able to adapt to the sanctions policy and the new economic reality, having preserved, and in some cases greatly increased trust and competence in joint projects," Abramov added.
Russian exports to the United Kingdom in January-September grew by 29.4 percent and amounted to $1.4 billion.
There are currently preconditions, not only for the further expansion of business activity between the two countries, but also for its diversification, primarily in the non-oil and gas sectors, according to Abramov.
"To maintain this trend, it is important to return to a pragmatic view of the potential in the trade and economic sphere. There is great potential for mutually beneficial cooperation in the developed sectors of the economy, where Russia and the United Kingdom traditionally complement each other, for example, in energy, chemistry, retail, equipment and machinery supplies, and in new industries," Abramov added.
The trade turnover between Russia and the United Kingdom has been affected by the international sanctions imposed on Moscow following the outbreak of the Ukrainian crisis in 2014. Moscow has repeatedly refuted the West's accusations of meddling in the conflict and introduced a food embargo on those countries which resorted to restrictive measures against it.