Estonia: Many Estonian companies continue to do business with Russia

Many Estonian companies continue doing business with Russia, ERR reports. Altogether 500-600 Estonian businesses still trade goods with Russia. The total value of goods exported from Estonia to Russia has not changed since Russia’s full-scale invasion of Ukraine in 2022, when it amounted to EUR 50-70mn per month. This is partly due to the rise in prices. Also, around 75% or more of the goods are from other EU countries. Exports of goods of Estonian origin totalled EUR 9.5mn in June 2023, which was down from EUR 31mn per month before the invasion. The volume of goods exported to Russia stands at around 20% and of goods imported from Russia at 7% of the volume before the invasion. Meanwhile, the value of services exported to Russia totalled nearly EUR 300mn in 2022, of which around 90% was transport and travel services. The value of service exports to Russia now amounts to EUR 30-45mn per quarter, which is down from EUR 75mn before the invasion.

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