The EU is Russia's main trading and investment partner, while Russia is the EU's third. In 2014, EU exports to Russia totalled €103.3 billion, while EU imports from Russia amounted to €181.3 billion.  The EU trade deficit with Russia was therefore €78 billion in 2014. 

The EU is by far the largest investor in Russia.  The total stock of foreign direct investment in Russia originating from the EU totalled €154.8 billion as of the end of 2013. 

In 2012, Russia joined the WTO, giving it important possibilities for further developing trade relations with the EU and other foreign partners. However, problems remain as regards the implementation by Russia of WTO commitments.

Following Russia's illegal annexation of Crimea in March 2014 and its role in the conflict in Eastern Ukraine, the EU imposed restrictive measures, including targeted economic measures, against Russia. In turn, Russia imposed restrictions on the import of agricultural and food products from the EU.

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