An examination of the top exporters to Russia from 2019 to 2021 (through August) revealed a startling pattern at the national level. Our Russia Export data show that, including bank-shipped cash, Germany was Russia's top trading partner in terms of the USD value of items exported to Russia.

Germany was the source of $40 billion in inflows into Russia in 2019, followed by China ($29 billion), Switzerland ($25 billion), Austria ($24 billion), Ireland ($15 billion), and Hong Kong ($13 billion). The Netherlands, Italy, France, and the UK made up the final four spots in the top 10, in that order.

Trade values decreased in 2020, most likely as a result of Covid. Germany only narrowly beat China in this constrained market by $2B, with $17.1B compared to China's $15.4B. China's relative growth rose in 2021 as commerce increased, and they took the lead with $23.5 billion to Germany's $18.7 billion.

Due to currency shipments, Austria's Raiffeisen Bank consistently ranks first among all companies in terms of annual USD shipments to Russia. Out of the approximately $24 billion in total shipments coming from Austria in 2019, this amounted to $19 billion.

With $1.3 billion in 2020 and $6.9 billion in 2021, more recent annual totals have been lower, but this may assist to explain Raiffeisen's initial reluctance to cease operations in Russia. Despite the fact that a third of their profit comes from Russian operations, according to The Financial Times, Raiffeisen is reportedly thinking about leaving the country.