Three and a half years after Russia's full-scale invasion of Ukraine sent shockwaves through global markets, commodity prices have largely reset. Back in late February 2022, right as the war broke out, prices for everything from oil to wheat exploded.

US President Donald Trump is threatening tariffs on other countries that buy Russian oil, in an attempt to pressure Moscow to end the war in Ukraine. But the United States and Europe themselves are still doing billions of dollars in trade with Russia.

Trade between Russia and the U.S. started to grow under Donald Trump, Russian President Vladimir Putin noted after meeting his counterpart in Alaska. The upward tick comes after a decade of steep decline that set in amid a bitter geopolitical clash over Moscow’s military intervention in neighboring Ukraine.

Over recent months, the Kremlin has been trying to move the diplomatic focus away from Ukraine to bilateral issues, such as trade and strategic stability.

Mutual trade between Russia and China since the beginning of the current year has shown a certain decline against the backdrop of sanctions pressure and market conditions in various commodity markets,

China has nearly doubled imports of Russia’s discounted Urals crude as India scales back purchases under U.S. pressure.

President Donald Trump is ratcheting up the pressure on India, calling into question the prospects of a deal with a key US trading partner just days before his tariff deadline.

The Alaska summit ended without a Ukraine ceasefire, but Putin leaned on history and booming trade ties, while Trump’s tariffs target countries still buying Russian crude.

Against the backdrop of a worsening economic situation, wage arrears and hidden unemployment rates are soaring at Russian companies. Source: The Moscow Times reports this with reference to data from the Federation of Independent Trade Unions of Russia (FNPR) Details: As trade union monitoring reports,

The visit that was expected to take place between Aug. 25 and Aug. 29 will likely be rescheduled, NDTV reported, citing people familiar with the matter.