The European Union is Russia’s largest trading partner, accounting for 37 percent of Russia’s global trade in 2020. Much of that is energy: About 70 percent of Russian gas exports and half of its oil exports go to Europe.
And while sales to Russia represent just around 5 percent of Europe’s total trade with the world, for decades it has been a key destination for European companies in a range of industries, including finance, agriculture and food, energy, automotive, aerospace and luxury goods.
Some European companies, especially in Germany, have had business ties to Russia for centuries. Deutsche Bank and Siemens, the massive conglomerate that is the parent company of Siemens Energy, have been doing business there since the late 19th century. During the Cold War, economic ties were seen as a way to maintain relations across the Iron Curtain.
Source Article from https://www.nytimes.com/2022/02/26/business/sanctions-russia-ukraine-companies.html
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