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

Marianna Serezhaevna Ovakimyan and Diana Albertovna Ignatyan
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Marianna Serezhaevna Ovakimyan: Moscow State Institute of International Relations (University) MFA Russia
Diana Albertovna Ignatyan: Moscow State Institute of International Relations (University) MFA Russia

Russian Foreign Economic Journal, 2021, issue 4, 88-100

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.

Keywords: Russia; Italy; foreign trade; commercial relations; investments; raw material exports; pandemic; coronavirus. (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:alq:rufejo:rfej_2021_04_88-100

DOI: 10.24411/2072-8042-2021-4-88-100

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