MOSCOW, April 4 (Reuters) – Russia’s economy, largely shielded from Western markets by existing sanctions, has sidestepped the immediate fallout of broad U.S. tariffs announced this week by President Donald Trump. However, the Kremlin warned on Friday that it must take steps to cushion the blow from anticipated global market instability. Trump’s new policy imposes a 10% tariff on all U.S. imports, with steeper duties targeting major trading partners, sparking a sharp drop in global financial markets and raising concerns of an impending worldwide economic slump.
Russia, alongside Belarus, Cuba, and North Korea—nations already under heavy sanctions—escaped additional tariff penalties. The U.S. cited sanctions tied to Russia’s military involvement in Ukraine as rendering trade “negligible,” with bilateral goods trade plummeting from $36 billion in 2021 to just $3.5 billion last year, per U.S. data. Kremlin spokesperson Dmitry Peskov noted that the lack of significant trade with the U.S. spared Russia from Trump’s latest measures, but emphasized that officials are closely watching volatile global markets for indirect effects.
“International markets are experiencing significant upheaval,” Peskov said. “Prominent economists worldwide are issuing grim predictions, and we must be proactive to limit any adverse impact on our economy.”
Despite a 2% decline in oil prices—Russia’s key export—and turbulence in global currency markets, the rouble held steady against the U.S. dollar and China’s yuan, the latter being Russia’s most-traded foreign currency. Analysts at BCS Express brokerage attributed this resilience to the rouble’s “immunity” to global forex swings, bolstered by a 25% rise since January amid hopes of thawing U.S. relations.
Some Russian voices welcomed Trump’s tariff move. Kirill Dmitriev, the Kremlin’s envoy for international economic cooperation, who met with U.S. officials this week, praised it as a step toward “economic sovereignty.” He argued that prioritizing domestic industry and addressing trade imbalances could inspire sustainable growth and job creation globally.
Yet caution lingers. Russia exported $1.3 billion in fertiliser to the U.S. in 2024, per U.N. Comtrade data, making it the second-largest supplier after Canada. While these exports have dodged sanctions, the new 10% tariff—on top of existing duties—will raise costs, though industry sources doubt it will significantly weaken Russia’s market position compared to other suppliers. Meanwhile, Russia’s central bank sounded an alarm last week, warning that prolonged lower oil prices, driven by weaker global demand, could challenge economic forecasts.
As the U.S. tariff hike and potential retaliation from other nations heighten global risks, Russia braces for a stormy economic horizon, even if it’s spared the initial lightning strike.
