03:37 GMT +321 August 2019
Listen Live
    British national flag flutters in front of the British Embassy is seen in downtown Moscow

    Russia-UK Trade Shows Growth for 1st Time in 3 Years - Russia's Trade Rep

    © AP Photo / Alexander Zemlianichenko
    Get short URL
    0 10

    According to the Russian Federal Customs Service, in the first three quarters of 2017, the United Kingdom ranked 13th in terms of turnover among Russia's trade partners, and its share in Russia's foreign trade was 2.2 percent.

    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.

    READ MORE: Johnson Says He Sees No Evidence of Alleged Russia's Meddling in UK Democracy

    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.


    UK Anti-Russia Articles Caused by May's 'Banquet Speech,' Budget Debates
    Claims Russia Interfering in Catalan, UK Affairs Hysteria - Lavrov
    UK Scientists Reportedly Find "Russian Traces" in 419 Twitter Accounts on Brexit
    May's Attack on Russia 'Attempt to Demonstrate UK's Importance' on World Stage
    business, trade, Russia, United Kingdom
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik