Where Data Tells the Story
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Following Russia’s invasion of Ukraine on February 24, 2022, the European Union imposed sweeping sanctions that sharply reduced its exports to Russia by 66%—from €89 billion in 2021 to €30 billion in the twelve months ending September 2025. Over the same period, EU exports to several CIS countries—Kazakhstan, Moldova, Uzbekistan, Georgia, Kyrgyzstan, Azerbaijan, and Armenia—more than doubled, rising 108% from €15.5 billion to €32.2 billion.
The rapid growth in exports to these countries has raised the possibility that some may be acting as intermediaries, facilitating indirect trade flows following the imposition of sanctions.