Cadez: Following the Outbreak of the War in Ukraine, Value of Exports from Serbia to Russia Reduced by One Fourth

The president of the Chamber of Commerce of Serbia (CCIS), Marko Cadez, has stated that, following the outbreak of the war in Ukraine in February, the value of exports from Serbia to Russia reduced the following month by one fourth, and that the exported amounts of goods are 38% lower compared to March 2021.

Cadez also stated for Kurir that the road transport of goods to Russia was now much more expensive – 70% to 100% compared to the beginning of the year, and even more for some products.

– The goods travel to the Russian purchasers twice as long as before, sometimes up to a month, with a constant change of routes and a great uncertainty as to what the trucks can expect at the border checkpoints from the EU toward Russia and Belarus, because they can stay there for up to seven to ten days – said the president of the CCIS.

Cadez explained that the payment transactions functioned, but that they were often slowed down due to the increased controls and that, with each new package of EU sanctions, more and more Russian banks were removed from the SWIFT network.

– Due to the impossibility of insuring goods in transport, potential difficulties in charging companies and risks of worsening trade conditions, we advise maximum caution in exporting, especially for larger quantities of goods – he emphasized.

He pointed out that the Russian ruble had been stabilized in the preceding two weeks, that is, that it had gone back to the level before the Ukrainian crisis, which “is not unimportant for the competitiveness of our products in that market”.

Privredna komora Srbije

CCIS

Marko Čadež

war in Ukraine

value of exports from Serbia to Russia

road transport

SWIFT

ruble