Russia-Italy bilateral trade needs a political shift to unlock its economic potential

From 1991 to 2014, the relationship between the Russian Federation and Italy experienced a positive trajectory, marked by an upward trend. In the ensuing years following 2014, a significant paradigm shift occurred, reaching a critical juncture in March 2018. Despite these transformative developments, discernible continuities persisted in trade, cultural, and political relations.

At the onset of the geopolitical crisis between Ukraine and Russia in February 2022, Italy unequivocally denounced Russia and formally declared its support for Ukraine. Furthermore, Italy aligned itself with the Western nations in implementing economic sanctions against Russia.

Russia has designated all members of the European Union as "unfriendly countries," leading to a notable escalation in sanctions and counter-sanctions. This heightened state of affairs has resulted in substantial impediments to business development, accompanied by a discernible reduction in high-level contacts and meetings. In spite of these challenges, diplomatic relations between Russia and Italy remain operational and have yet to reach a critical point.

In 2021, Russia's aluminium exports to Italy amounted to a total of US$312.01 million, as per the data available from the United Nations COMTRADE database on international trade.