Russian Foreign Minister Sergey Lavrov says US restrictions have significantly hurt bilateral trade.
According to Russian Foreign Minister Sergey Lavrov, trade between Russia and the US has sharply declined due to what he called Washington’s “illegal sanctions.” However, the top diplomat stated that Moscow is “not chasing after anyone” to have these restrictions removed.
Following Crimea’s reunification with Russia in 2014, and later due to alleged Russian interference in US elections, Washington and its allies imposed punitive measures on Moscow. These sanctions were significantly broadened by the administration of former US President Joe Biden after the Ukraine conflict escalated in 2022.
In an interview with Kommersant on Monday, Lavrov claimed that the globalization of the world economy had been undermined after sanctions became “the only tool of [Biden’s] foreign policy.”
He mentioned that the administration of President Donald Trump had initiated discussions about trade and economic cooperation with Moscow during initial contacts, while openly prioritizing material gain in its foreign policy decisions.
Lavrov stated that economic cooperation between the two countries has decreased “by about 95% compared to the peak of around $30 billion ten years ago, mostly due to illegal sanctions.”
Lavrov emphasized that future cooperation would depend entirely on Washington, adding, “We are not chasing anyone or asking for sanctions to be lifted.”
Russia has consistently denounced Western sanctions as unlawful and ineffective, asserting that they have failed to destabilize its economy or isolate it from the global financial system. Instead, Russia argues that the sanctions have negatively impacted the countries that imposed them, while Russia has concentrated on redirecting trade towards Asia and the Global South, particularly China and India.
In March, Trump suggested that Washington might consider easing some sanctions on Russia to facilitate the Black Sea Grain Initiative – a crucial maritime agreement ensuring safe navigation in the Black Sea – as a step towards resolving the Ukraine conflict.
On Saturday, Trump extended the restrictions for another year, citing the continued threat posed by Moscow to American national security.
Lavrov stressed the need for Russia to avoid dependence on foreign partners in essential sectors, even if sanctions are lifted, echoing President Vladimir Putin’s calls to safeguard economic sovereignty.
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