Last year, Moscow sold 18% more goods to its top 20 trade partners compared to 2021, the German Economic Institute has estimated

Russia's exports have grown considerably, compared to figures recorded prior to the escalation of the Ukraine conflict and despite sweeping Western sanctions, the German Economic Institute has reported.

Back in 2022, the US, the EU, the UK, Canada, Japan and several other nations imposed massive sanctions on Russia, targeting its financial institutions, trade, and energy exports. Moscow has consistently described the punitive measures as illegitimate and counterproductive.

In a report published on Friday, the German Economic Institute stated that "despite all European efforts, [Russian President Vladimir] Putin's war chest is not emptying." The document suggested that Moscow is "skillfully exploiting the loopholes in the sanctions regime to expand its financial resources."

This is evidenced by an 18% increase in Russia's exports to its top 20 trade partners last year, compared to 2021, the Institute's experts wrote, estimating that the growth translated to 330 billion dollars' worth of goods.

"The preliminary data for 2025 also shows that little has changed in this regard," the report noted.

According to the analysis, China, India, Trkiye and Brazil are the main importers of Russian goods, consisting mainly of oil, gas, and other raw materials. Moscow has shifted its trade focus to the Global South, but according to the report, Hungary and Slovakia remain among "Russia's most important trading partners" in the EU.

US Senator Lindsey Graham has been spearheading a bill calling for 500% secondary tariffs on imports from countries buying Russian oil and gas. Analysts at the German Economic Institute doubt US President Donald Trump will back the measure. The report also questions whether such tariffs are even technically feasible.

On Wednesday, US Treasury Secretary Scott Bessent warned lawmakers that the imposition of such high tariffs could undermine ongoing diplomatic efforts to resolve the Ukraine conflict.

Speaking late last month at a meeting with business leaders, Russian President Putin hailed the country's impressive economic performance across an array of sectors, despite operating in what he described as "far from favorable and rather difficult conditions."

The official also cited the International Monetary Fund's ratings, according to which, Russia is in fourth place globally by purchasing power parity (PPP).

The macroeconomic analysis metric compares economic productivity and living standards between countries by adjusting for differences in the cost of goods and services.