The Relevance of the Strategic Partnership between the European Union and the Russian Federation in the Sanction Period

Abstract

The European Union and the Russian Federation are the major global geopolitical
players with intensive trade links. Globalization has deepened the interdependence of economies,
which plays an important role in the path of their further economic development. The RussianUkrainian conflict has become a driving force in the centrifugal relations between the EU and
the Russian Federation, which resulted in the imposing of the sanctions. The article analyzes the
impact of sanctions on foreign trade between the European Union and the Russian Federation.
In addition to the impact of sanctions on trade turnover between the European Union and the
Russian Federation, it also evaluates the impact of mineral fuels, which is the essence of the energy
strategic partnership, through linear regression. It presents the factors that affect the volume of
their exports based on extended gravity models,. Although the sanctions did not have such a
significant economic impact, they were an incentive to end the formation of a new contractual
framework for trade cooperation. The remedy of the geopolitical context between the European
Union and the Russian Federation is essential for their economic progress and strengthening its
competitiveness in the world economy.