Russia has faced numerous sanctions from countries worldwide due to its invasion of Ukraine. One such sanction involves blocking Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system.
These sanctions are considered to have a significant impact on the Russian economy, hindering transactions for Russian exports such as oil and gas.
This also has the potential to disrupt global supply chains, as Russia is a major producer and exporter of several strategically important commodities on a global scale.
According to data compiled by World's Top Export, Russia's highest-value exports in 2021 were:
1. Crude oil
2. Refined petroleum
3. Coal
4. Gold
5. Iron and steel
6. Natural gas
7. Platinum
8. Wheat
9. Aluminum
10. Sawn wood
Russia's total export value in 2021 reached US$491.6 billion. The largest export by value in 2021 was crude oil at US$110.11 billion, followed by refined petroleum at US$69.93 billion.
Coal exports from Russia amounted to US$17.56 billion, gold US$17.36 billion, and iron and steel US$9.17 billion.
Cumulatively, these five products contributed 45.6% of Russia's total exports in 2021.
(Also read: Russia Becomes the Country with the Most International Sanctions)