Brexit and Trade and Economic Relations between Russia and the UK

Russian Economic Developments. Moscow. 2016, No 7, pp. 54-58

5 Pages Posted: 28 Jul 2016

See all articles by Alexander Knobel

Alexander Knobel

Gaidar Institute for Economic Policy; Russian Presidential Academy and Public Administration (RANEPA) - Institute of Applied Economic Studies

Alexander Firanchuk

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - International Laboratory of International Economics Studies

Date Written: July 28, 2016

Abstract

The UK’s exit from the EU can affect Russia primarily through an increase in volatility in the world markets and the consequent reduction in medium term oil prices. Impacting Russia directly through trade is less likely. First, the United Kingdom accounts for about 2% of Russia’ trade turnover. Second, Russia’s exports are mainly raw fuel (84% in 2015), which can be easily redirected to other markets; in addition, about half of these exports are gas trading. The structure of imports from UK is very similar to that from other EU countries. The impact on Russia through trade in services seems more likely, as the UK’s share in Russia’s services turnover is about 6%.

Keywords: Russian Economy, foreign trade

JEL Classification: F22, J11, J61, J62

Suggested Citation

Knobel, Alexander and Firanchuk, Alexander, Brexit and Trade and Economic Relations between Russia and the UK (July 28, 2016). Russian Economic Developments. Moscow. 2016, No 7, pp. 54-58. Available at SSRN: https://ssrn.com/abstract=2815454 or http://dx.doi.org/10.2139/ssrn.2815454

Alexander Knobel (Contact Author)

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

Russian Presidential Academy and Public Administration (RANEPA) - Institute of Applied Economic Studies ( email )

Vernadsky Ave. 82
Moscow, 119571
Russia

Alexander Firanchuk

Russian Presidential Academy of National Economy and Public Administration (RANEPA) - International Laboratory of International Economics Studies ( email )

Moscow
Russia

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