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Brexit And Trade And Economic Relations Between Russia And The Uk

Author

Listed:
  • Knobel Alexander

    (Gaidar Institute for Economic Policy)

  • Firanchuk Alexander

    (Gaidar Institute for Economic Policy)

Abstract

The UK’s exit from the EU can aff ect Russia primarily through an increase in volatility in the world markets and the consequent reduction in mediumterm 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%.

Suggested Citation

  • Knobel Alexander & Firanchuk Alexander, 2016. "Brexit And Trade And Economic Relations Between Russia And The Uk," Russian Economic Development, Gaidar Institute for Economic Policy, issue 7, pages 54-58, July.
    • Handle: RePEc:gai:recdev:recdev-2016-7-691
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    File Function: Revised version, 2016
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    More about this item

    Keywords

    Foreign Trade; Russian Industry; Russian Economy;
    All these keywords.

    JEL classification:

    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion

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