Bilateral economic relations with Eastern Europe and Central Asia
The region Eastern Europe and Central Asia comprises the Russian Federation (RF), the six Eastern Partnership states Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine, and the five Central Asian states Kazakhstan, the Kyrgyz Republic, Uzbekistan, Turkmenistan and Tajikistan. EU Association and Free Trade Agreements are in force with three of these states - Ukraine, Moldova and Georgia. Five states belong to the Eurasian Economic Union EEU - the Russian Federation, Belarus, Kazakhstan, Armenia and the Kyrgyz Republic.
In 2014, the EU imposed restrictive measures vis-a-vis the Russian Federation in response to the annexation of the Ukrainian peninsula Crimea and support for pro-Russian rebels in Eastern Ukraine. These measures comprise economic sanctions and will remain in force until provisions of the Minsk peace agreement of 2015 have been implemented.
Current information by the European Union is available at: EU-Sanctions-against-Russia over Ukraine Crisis .
Austria‘s relations with the region
In economic terms, most important countries of the region for Austria are the Russian Federation, Ukraine and Kazakhstan.
Above all, the Russian Federation constitutes an important marketplace for Austria‘s economy, with exports amounting to some 2.4 billion Euros (2019). Fossil fuels (natural gas and crude oil) account for 80 percent of imports from the Russian Federation, total 2.8 billion Euros (2019). In the wake of the pandemic, exports shrank slightly by 5.1 percent an imports by 23.9 percent with a share of 77 percent fossil fuels the first six months of 2020. Some 1.200 Austrian companies do business with Russia, and 650 of them have set up in the Russian Federation with investments of alltogether 5.2 billion Euros. In return, Russian companies are among top investors in Austria with 26.7 billion Euros total investment.
Ukraine remains Austria‘s second most important trading partner in the region, with exports reaching 572.1 million Euros (2019), imports amounting to 790.2 million Euros (2019) and an upward trend up to 2020, when from January to June, the pandemic caused a slight decrease in exports by 9.1 percent an in imports by 10.1 percent.
In Central Asia, Kazakhstan is Austria‘s most important trading partner and top supplier of crude oil.
Eastern Europe, Central Asia, Internationalisation Initiative: email@example.com