-Trump withdraws from Iran deal boosting oil prices
U.S. President Donald Trump's withdrawal from the Comprehensive Joint Action Plan agreement with Iran in 2013 caused global markets to debate the possibility of oil prices at $80 per barrel in the short term and $100 per barrel in the long term, due to potential supply shortages in Iran's oil exports.
The oil price increase, the most important export material for Russia, also had a positive impact on the Russian market, which is among the world's largest oil producers.
Following the announcement of Trump's decision, the Russian ruble appreciated by 2 percent against the dollar and currently trades at 61.80 against the dollar.
Russia will also want to assess the sectoral opportunities that will arise due to Western companies that may withdraw out of Iran because of the planned sanctions or the possible backtracking to previous sanctions on Iran. In particular, the Iranian energy sector, which is home to some of the world's largest reserves of oil and natural gas, is boosting Russia's appetite, notably Russian companies’ such as Rosneft, Gazprom and Lukoil.
-Trade volume between Russia and EU exceeds $70 billion
The trade volume between Russia and the European Union (EU) increased by 21.2 percent in the first quarter of this year compared to the same period of 2017, rising to $70.8 billion.
Russia's total exports to the EU rose by 19.8 percent to $49.9 billion in the first quarter of this year, according to the Federal Customs Service of the Russian Federation (FTS). Russia's imports from the EU rose by 24.6 percent to $20.9 billion.
The EU’s share of the total trade volume with Russia fell to 44.9 percent from 45.3 percent. After Russia’s annexation of Crimea and ensuing events in eastern Ukraine, the EU began to implement economic sanctions against Russia in 2014.