According to data from the US Census Bureau, trade turnover between Russia and the US plummeted in July amounted to $277.3 million, plunging to its lowest level since the start of the Ukraine conflict, the RBK news outlet reported Monday.
On top of that, US exports to Russia at the end of July shrank to only $36 million.
July’s turnover is 11 times less compared to the level recorded in February 2022 and almost 13 times less than the amount for July 2021 – when the US ranked fifth among Russia’s largest trading partners – but also the lowest since the early 2000s when statistics were first available.
Mostly consisting of nuclear fuel, mineral fertilizers, and platinum group metals – which accounted for $2.5 billion of the $3 billion worth of goods purchased by the US from Russia in 2023 – Russian exports are what currently account for nearly 90% of turnover between the two countries.
However, despite last spring’s ban on Russian oil products, diamonds, and seafood, Washington has been reluctant to target nuclear fuel exports from Russia which play a key role in keeping US civilian nuclear reactors running.
US foreign trade statistics show that Russia, which since 2022 accounted for about 12% of total US uranium imports, was Washington’s largest supplier of enriched uranium in the first seven months of 2023.