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Italy – Russia Trade and Economic Relations in the Face of the Pandemic

Author

Listed:
  • Marianna Serezhaevna Ovakimyan

    (Moscow State Institute of International Relations (University) MFA Russia)

  • Diana Albertovna Ignatyan

    (Moscow State Institute of International Relations (University) MFA Russia)

Abstract

The article examines the current state of trade and economic relations between Russia and Italy amid the epidemiological crisis. Due to the coronavirus pandemic and the global economic ramifications of the pandemic, bilateral trade has seen a dramatic decrease over the past year. Nevertheless, Italian-Russian trade relations prove to have strong development potential even in such a challenging period, which evidences the mutually beneficial enduring partnership. Russian-Italian economic cooperation is undergoing changes, gradually switching from import of Italian products to opening high-tech industrial enterprises in Russia on the basis of Italian technologies. Along with the traditional areas of cooperation, e.g. exports of Russian raw materials and imports of Italian consumer goods and food products, new areas of cooperation are being evolved: green energy, pharmaceuticals. Current joint projects could improve the competitiveness of Russian products in the global production chains as well as open the door to the new market for many Italian companies.

Suggested Citation

  • Marianna Serezhaevna Ovakimyan & Diana Albertovna Ignatyan, 2021. "Italy – Russia Trade and Economic Relations in the Face of the Pandemic," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 4, pages 88-100, April.
    • Handle: RePEc:alq:rufejo:rfej_2021_04_88-100
    DOI: 10.24411/2072-8042-2021-4-88-100
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    References listed on IDEAS

    as
    1. Prontera, Andrea, 2018. "The new politics of energy security and the rise of the catalytic state in southern Europe," Journal of Public Policy, Cambridge University Press, vol. 38(4), pages 511-551, December.
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