After our Ukraine chart from last week, some in our audience wondered how sanctions against Russia would affect its trade with Latin America. So, we charted Russian imports from the region.
Before February 22, Russia was subjected to 2,754 international sanctions. Vladimir Putin then attacked Ukraine. Since then, other countries have announced new sanctions almost daily, skyrocketing
to a total of 5,581 as of today
. This means that Russia is now the world’s most sanctioned country, surpassing Iran and Syria.
Interestingly, no Latin American country has joined the movement; Brazil and Mexico both said they would not impose sanctions. Russia has developed significant relationships with several Latin American governments, particularly authoritarian regimes, during the last few years. It appears that those efforts have paid off. However, that might change. A US delegation approached Venezuela during the Ukraine crisis, and tensions could be relaxing soon.
As our chart shows, Brazil, Ecuador, and Mexico represent 60% of Russia’s imports from LatAm. Mexico is the only country in the top 10 whose top product is industrial and not agricultural. Additionally, Brazil and Mexico represent 68% of Russia’s exports to LatAm.
However, there’s little that sanctions could do, as LatAm’s share in Russia’s trade accounts for 2.1% – less than Africa’s share of 2.5%.