Russia Loses Over $20 Billion in Raw Materials Exports in Six Months

The decline in oil prices and the suspension of gas transit through Ukraine led to a drop in Russia's mineral product exports, which totaled $110.1 billion in the first half of the year.

This marks a decrease of $20.3 billion compared to the same period in 2024, when exports amounted to $131.4 billion, The Caspian Post reports citing foreign media.

Total exports of goods fell less, from US$208.8 billion to US$195.5 billion, or by US$13.3 billion,

Food exports fell by US$3 billion, but exports of chemicals, machinery and equipment rose by the same amount, and metals by US$4.2 billion.

However, raw materials account for more than half of Russian exports: 56.3% in the first half of the year (62.9% a year ago).

Russian gas transit through Ukraine stopped on 1 January, and oil prices fell in early April after Donald Trump unleashed a tariff war.

In January, the average price of Russian Urals export oil was US$67.7 per barrel, and in June it was already US$59.8.

"The negative effects of tariff restrictions will continue to put pressure on prices in commodity markets," the Central Bank of the Russian Federation said.

Reliance Industries, owner of the world's largest oil refinery in Jamnagar, India, may abandon Russian oil.