American President Donald Trump threatens India with an additional 25% tariff, as well as higher taxes for other countries that buy Russian oil, trying to put pressure on Moscow to end the war in Ukraine.
However, the United States and Europe themselves continue to do business worth billions with Russia – even though the volume is only a fraction of what it was before the war, according to a CNN analysis.
India has argued that it is unfairly targeted by this tariff increase, labeling it as "unjustified," considering that other nations also trade with Moscow.
US-Russia Trade, Reduced by 90%, but Still Present
Trade between Russia and the US has decreased by about 90% since the onset of the large-scale invasion in Ukraine. However, last year, the United States imported Russian goods worth $3 billion, according to the most recent data from the Bureau of Economic Analysis and the Census Bureau cited by CNN journalists.
Meanwhile, the European Union - a partner of the Americans in sanctions against Russia - imported Russian goods worth $41.9 billion (36 billion euros) in 2024, according to Eurostat data.
"EU Has Taken Giant Steps"
"It is significant, but I think even more important is how quickly the EU has adapted to reduce its dependence on Russia," said Kimberly Donovan, director of the Economic Statecraft Initiative at the Atlantic Council, a Washington-based think tank. "They are taking giant steps to further reduce how much they get from (Russia)."
EU imports from Russia have decreased by 86% between the first quarter of 2022 and that of 2025, according to Eurostat. "I think there is a lot of potential for the US and even the EU to increase their trade with countries like Canada. (...) But trade wars and tariff negotiations hinder us and reduce our ability to be strategic in addressing the Russia issue," Donovan added.
Areas Where the US Depends on Russia
- Fertilizers: The US imported fertilizers from Russia worth $927 million in just the first half of this year. "As long as the US does not sanction Russian fertilizer imports (...), this level of trade will continue," said Allan Pickett, an analyst at S&P Global Commodity Insights.
- Palladium: Imports have decreased significantly since 2021, but the US still bought Russian palladium worth $878 million in 2024 and $594 million in the first six months of 2025.
- Uranium and Plutonium: Imports of $755 million just until June 2025, after $624 million in 2024.
Europe, Still Dependent on Russian Energy and Metals
- Oil: From $16.4 billion in Q1 2021, EU imports decreased to $1.72 billion in Q1 2025. However, Hungary, Slovakia, France, Belgium, and Spain remain among the main importers.
- Natural Gas: The value of imports increased to $5.23 billion in Q1 2025, even though Russia's share of the European LNG market decreased from 22% to 19%.
- Iron and Steel: $850 million in Q1 2025, half compared to Q1 2021.
- Fertilizers: Almost unchanged - $640 million in Q1 2025.
- Nickel: The EU has diversified sources, but still imported $300 million from Russia in Q1 2025.
Beyond goods trade, hundreds of Western companies remain present in Russia. Some American companies in the top 100, as well as European brands, retailers, or software firms, continue to operate there.
India and China See Massive Increase in Imports of Russian Energy
In contrast to the US and EU, India imported Russian goods worth $67 billion in 2024, of which $53 billion was in petroleum. Russia now covers 36% of the Indian oil market.
China purchased around $130 billion worth of Russian goods in 2024, of which $62.6 billion was in petroleum. Russia supplies 13.5% of China's oil imports.