European leaders are in the process of instituting beefed up sanctions against Russia. Although these sanctions will most likely only be targeted to certain sectors like defense and banking, investors have increasingly been focusing on what countries are the most exposed to Russia in terms of total exports to that country. While we are (hopefully) far from the point where the international community feels the need to sever all trade ties with Russia, any ratcheting up of sanctions will have a proportionate impact on countries which export the most to Russia.
Earlier today, we tweeted a chart showing Russian imports broken out by the country of origin. In that chart, China and Germany each accounted for more than 14% of all Russian imports. While those numbers look large, they only tell you that Russia relies a lot on those two countries. It doesn't necessarily mean that those countries rely a lot on Russia.
Flipping that perspective around, the chart below shows large countries (top 25 in terms of GDP) where Russia accounts for more than 1% of all total exports. Looking at it from this perspective, for both Poland and Turkey, Russia accounts for more than 4% of total exports. Next on the list is Germany, where Russia accounts for 3.5% of total exports. Broadly speking then, in terms of G8 countires Germany has the most to lose from any additional ratcheting up of sanctions against Russia. For the US, on the other hand, Russia only accounts for just over 1% of total exports. It is no surprise then, that the US has been among the most vocal calling for sanctions, while Europe is taking a more gradual approach.