Bilateral trade between Russia and the United States surged by 50% in March, reaching a two-year high of $573 million, according to customs data cited by RIA Novosti on Thursday. The increase marks a striking uptick in economic exchange between the two geopolitical rivals, despite the ongoing backdrop of sanctions and diplomatic strain stemming from the Ukraine conflict.
The growth was driven primarily by a sharp rise in Russian exports of fertilisers and other agricultural products to the US. Russian fertiliser shipments alone accounted for $219 million of total trade in March, underscoring continued American reliance on essential Russian commodities, even as Western sanctions against Moscow persist.
Other major Russian exports to the US included platinum, valued at $87.5 million, along with plywood ($6 million) and phosphates ($5 million). In contrast, Russian imports from the US remained flat at $50 million, largely consisting of medical and scientific goods. Vaccines topped the list at $14.8 million, followed by medical instruments ($6.2 million), food products ($5.7 million), and laboratory equipment ($3.7 million).
Though fertilisers and grain have not been directly sanctioned, Russia’s agricultural exports have been impeded by indirect barriers such as financial restrictions, shipping bottlenecks, and insurance limitations. The March figures suggest that trade in select sectors is nevertheless proving resilient.
This spike represents the highest level of bilateral trade between the two countries since March 2023, when trade peaked at $628.5 million. The data may fuel further debate over the effectiveness and coherence of sanctions, as key sectors remain intertwined despite official hostilities.
