Even With Sanctions, U.S. Sales to Russia Hit New High
U.S. efforts to penalize Russia for its actions in Ukraine appear to have done little to stem exports of U.S. goods to the country.
The U.S. announced targeted sanctions against several Russian companies and individuals in March, but U.S. trade data published Thursday shows exports to the country were the highest on record at $1.2 billion in May.
The sanctions, organized with Europe and other major industrialized nations over Moscow’s alleged actions to destabilize its former client state, sparked investor flight out of Russia, led the ruble to tumble and pushed the economy into a recession. Russian markets have since recovered somewhat, but investors have been wary of an escalation in the sanctions battle.
Demand for U.S. products apparently hasn’t been hit, however, and in fact jumped 21% from the previous month.
The data also showed signs that demand is picking up in two of America’s largest export markets, Europe and China, where weak growth has hobbled the U.S. and global recoveries. Exports to the European Union were up nearly 4%, driven by a surge in buying from the U.K., the Netherlands, Spain and Ireland.
http://blogs.wsj.com/economics/2014/07/03/even-with-sanctions-u-s-sales-to-russia-hit-new-high/